Same Day ACH Changes
Have you ever forgotten to pay an invoice until the day it’s due, needed to quickly send a down payment for a purchase, or even waited until the last minute to pay your business taxes? These are all scenarios that you could have solved with a Same Day ACH payment. Citizens National Bank has offered this service for a while now, but recent updates have increased the allowable limits making it an even more attractive and feasible option for large payments.
As of March 18, limits for Same Day ACH transactions, whether paying or receiving, increased to a maximum of $1 million. Previously it was just $100,000. With these new limits, it’s estimated the percentage of ACH dollars eligible for Same Day ACH has now more than doubled. Payments now settle several times throughout the day speeding up cash flow and getting much closer to real-time.
Typical uses for Same Day ACH include:
- Business-to-business payments
- Tax payments
- Payroll funding
- Insurance claim payments
- Merchant settlement
- Same Day Reversals of standard ACH payments
- Business continuity – recovery from missed deadlines or outages
If you use Citizens National Bank’s Online for Business Small Business or Deluxe package you can initiate Same Day ACH payments yourself. For more information on these types of payments or to learn more about the Small Business or Deluxe package, contact Treasury Management – email@example.com or your Business Banking Officer.View more Articles