The Federal Reserve has announced that, effective April 1, 2013, it will offer an expanded FedACH SameDay service for same day clearing of ACH transactions. The expanded service will feature the following modifications:
- Permits all SEC Codes except International ACH Transactions (IAT), Check Truncated Entry (TRC) and Check Truncated Entries Exchange (TRX)
- Allows credits as well as debits
- Accommodates business as well as consumer transactions
- Places no dollar cap limits other than those set by NACHA on check-conversion transactions
Participation in the service will continue to be on an opt-in basis, and there will be no changes to pricing or deadlines.