Clicking here will take you to the FedFlash home page

Federal Reserve Financial Services

GO BACK

Check/Check 21 Services

Reminder - FedReceipt® RTN list updates posted monthly

March 15, 2017

Each month, we publish updates to our FedReceipt, PDF and Endpoint-Culled Image Cash Letter (ICL) RTNs for FedForward® and FedReturn® Services deposits to reflect changes that have occurred in the previous month. Last year, we discontinued notices via FedFlash; however, we continue posting on the same schedule. To view these lists, please visit and bookmark the Check 21-Enabled Services Endpoint Tier Listings page.

 

FedACH® Services

Same Day ACH debits and credits on the Same Day Originated Batch Report

March 15, 2017

Phase 2 of the NACHA Same Day ACH Rules change to allow debit entries along with the credit entries implemented under Phase 1 becomes effective on September 15, 2017. As with Same Day Automated Clearing House (ACH) credits, each Same Day ACH debit, provided all other requirements are also met, will result in the Same Day ACH Entry Fee of 5.2 cents being charged to the originating depository financial institution (ODFI).

  • Are you proactively working to understand the implications of same-day settlement of debits?
  • Would it help you to be able to identify FedACH® Services batches containing debits that could qualify for same-day settlement under Phase 2?
  • Are you wondering how much of an issue stale-dated entries could be upon Phase 2 implementation?
  • Are you also looking for a way to easily identify FedACH Services batches that contain credit transactions already settling same day?

If you answered yes to any of these questions, the FedPayments® Reporter Service Same Day Originated Batch Report can help. The report provides information on both potential Same Day ACH debits and current Same Day ACH credits.

The monthly report is delivered via encrypted email at a cost of $0.20 per email along with a manual reporting fee of $10 per report for FedPayments Reporter Service subscribers. Those not subscribing to the FedPayments Reporter Service will pay the per-email fee along with a manual reporting fee of $30 per report.

You can view both tabs on the spreadsheet sample of the ACH Same Day Originated Batch Report as well as samples (PDF) of all available FedPayments Reporter Service reports.

FedACH Services customers interested in the FedPayments Reporter Service Same Day Originated Batch Report should complete Part 6D, Section D of the FedACH Participation Agreement.

Watch for Phase 2 updates to the Same Day ACH Resource Center and Same Day ACH Frequently Asked Questions.

Announcement

You can find information on both potential Same Day ACH debits and current Same Day ACH credits in the FedPayments® Reporter Service Same Day Originated Batch Report. FedACH Services customers interested in the monthly report should complete Part 6D, Section D of the FedACH Participation Agreement.

 

Effective September 15, 2017, stale-dated ACH debit entries will result in a fee

March 15, 2017

Effective September 15, 2017, with Phase 2 implementation of the Same Day ACH Rules change, a current-day or stale-day date in the effective entry date field of a debit entry will trigger same-day settlement (provided the other requirements are also met).

Every Automated Clearing House (ACH) network participant should be aware of the Same Day Entry Fee of 5.2 cents for each transaction processed and settled as Same Day ACH, whether intended or as the result of a stale date. This fee is assessed to originating depository financial institutions (ODFIs) and credited to receiving depository financial institutions (RDFIs).

Beginning with Phase 2 implementation, NACHA will assess that same entry fee against each debit entry that comes into the network and, provided all other requirements are also met, is processed and settled as Same Day ACH, whether intended or as the result of a stale date.

Preliminary review indicates the volume of stale-dated debit entries prior to Phase 2 implementation may be nearly double the number of stale-dated credit entries prior to Phase 1 implementation. Data on actual stale-dated debit volumes is being compiled, and we hope to be able to share more detail in next month’s issue of FedFlash.

With just over six months remaining until Phase 2 implementation, we encourage each of our FedACH customers to begin reviewing their origination volume to avoid any unwelcome surprises on their billing statements for September 2017 and beyond.

The FedPayments Reporter Service offers a monthly Same Day Originated Batch Report that provides details such as stale-date indicators and originator information for both debit and credit entries. For additional information on Same Day ACH, Phase 2 implementation and more, please visit the Fed’s Same Day ACH Resource Center.

Announcement

Beginning with Phase 2 implementation of the Same Day ACH Rules change, NACHA will assess the Same Day Entry Fee against each originating depository financial institution (ODFI) for each debit entry that comes into the network and, provided all other requirements are also met, is processed and settled as Same Day ACH, whether intended or as the result of a stale date.

 

Hope to see you at Payments 2017

March 15, 2017

Federal Reserve Financial Services (FRFS) product managers and account executives are attending the Payments 2017 (Off-site Link) conference hosted by NACHA® on April 23-26, 2017 in Austin, Texas.

We look forward to speaking with attendees about innovations in the payments landscape such as faster payments and Same Day Automated Clearing House (ACH) Phase 2. We will also be available to review the suite of FRFS products and services available to help manage ACH payments and provide related information.

We will be at booth 1107 and hope to see you there.

"NACHA" is a registered trademark of NACHA - The Electronic Payments Association.

 

General

Remember to follow @FRBservices on Twitter

March 15, 2017

Federal Reserve Bank Services has been on Twitter for over a year now, and we have had great success engaging with our audience and sharing content. We currently have around 500 followers and are always looking to grow! Whether you are at home or on the go, take a second to follow @FRBservices (Off-site Link) and watch your timeline for content like:

  • Links to the latest issues of FedFocusSM and FedFlash®
  • Information on upcoming webinars
  • New currency and coin information
  • Product and service updates

Besides Twitter, there are other ways to engage with the Fed. Visit the Industry Events page to see what events the Federal Reserve Banks will be attending or the FRBservices.org homepage, which features our Latest News section front and center.

 

GO BACK

FedFlash is your source for the latest Federal Reserve Financial Services operational news. Each bulletin keeps you informed of issues critical to your day-to-day operations, providing you with National and District updates regarding our products and services, processes, technical protocols and contact information.