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ACH Advisor

Catalyst Corporate's monthly ACH Advisor e-newsletter is dedicated to credit union operations staff who work in the ACH trenches each day. It contains important information about the implementation of Same-Day ACH, and is a forum for a broader spectrum of ACH-related topics.

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ACH Advisor – April 28, 2017

ACH – ODFIs and Originators: Throughout 2017, the ACH Advisor will publish a six-part series detailing the ACH cycle, with facts, rules, codes, charts and helpful hints for those who process, post, return and balance ACH transactions. At the end of the series, all parts will be placed in TranZact as a reference guide for all ACH personnel. Part 2 of the series outlines the roles of ODFIs and Originators.

Is your Credit Union Ready? Same-Day Debits begin September 15, 2017. Many institutions expect the same-day transition volume to continue growing. Catalyst Corporate Training created a Same-Day Debit tutorial to help prepare credit unions for Phase 2. Be sure to visit ACH Central for all things ACH.

Keep Your Tokens Up-To-Date: Is your ACH Online token expiring soon? To find out, view either the issue date (month and year) or expiration date (month, day and year) on the back of the token. Tokens are good for up to five years. If you need a replacement or have any questions, please email ach@catalystcorp.org.

Did You Know... that if you submit ACH returns in TranZact or ACH Online before 2 p.m. CT, you will receive settlement for the items later the same day? Submission of returns after 2 p.m. will result in next business day settlement. ACH Central has a spot dedicated to providing ACH users with helpful tips and advice.


ACH Advisor – February 27, 2017

ACH – The Participants, the Process and the Responsibilities: In 2017, the ACH Advisor will publish a six-part series detailing the ACH cycle. Facts, rules, codes, charts and helpful hints will be available for those who process, post, return and balance ACH transactions. Part 1 outlines the participants and framework of the ACH cycle.

Coming Soon: Same-Day Debits! Phase 2 of Same-Day ACH is around the corner! On September 15, 2017, Same-Day ACH processing will include debits. See what that means for your credit union.

Risky Business: As payment speed accelerates with the implementation of Same-Day ACH, many risk experts predict that criminals will accelerate their fraudulent movement of funds out of the system. Catalyst Corporate provides a solution for mitigating this risk.

Training Day: ACH Rules are constantly changing, and Catalyst Corporate wants to be sure you're informed. That's why we're offering a series of webinars in 2017 dedicated specifically to ACH Rules.


ACH Advisor – November 18, 2016

Phase One Done! Two to Go: Phase 1 of the Same-Day ACH transition is officially in the books. Phase 2 will go into effect on September 15, 2017. This phase will give ODFIs the ability to send Same-Day debits. Those debits will need to post by the end of the RDFI’s processing day. More information will be included in the ACH Advisor, on ACH Central and in the Catalyst Connect newsletter beginning early 2017.

Ready for the Holidays? The holidays are quickly approaching, which means federal offices and many financial institutions will close in observance. And while many credit unions close the day after Thanksgiving and/or Christmas Eve, these days are NOT recognized federal holidays. Therefore, ACH must be processed in order to comply with NACHA rules.

Did You Know… The Tips & Advice tab on ACH Central is dedicated to providing ACH users information they don’t know they need to know. Such as…did you know debits cannot be posted before their settlement date?

Keep Those Questions Coming: If you have ACH questions, we've got the answers. For example, do you know what an addenda record is and what it provides? Visit Catalyst Corporate's Frequently Asked Questions section on ACH Central to see the answer to this question and many more.


ACH Advisor – September 1, 2016

It’s a Date! Effective entry dates and settlement dates can get a little tricky. Make sure you fully understand what is required by familiarizing yourself and your credit union with the NACHA rules.

What Files Contain What? Now that your credit union is receiving multiple receipt files each day, do you know what types of transactions will be included? See what you can find in each of these files and what actions you may need to take.

Did You Know… ACH Central has a spot dedicated to providing ACH users with the information they don’t know they need to know. Such as… did you know debits cannot be posted before their settlement date? Check out these helpful facts and tips.

ACH Q&A: What is the difference between the effective date and the settlement date? Visit Catalyst Corporate's Frequently Asked Questions section on ACH Central to see the answer to this question and many more.


ACH Advisor – August 1, 2016

Risky Business: Risk mitigation may be an all-too-familiar term, but it is easy to become complacent if it’s not made a priority. Same-Day ACH has inherent risks. Click here for a summary of rules and tips that can help ACH employees manage these risks.

What’s In My File? Transitioning to multiple receipt files will yield changes. Click here to see what you could find in each of the five daily files, and what actions you may need to take. Remember, individual receipt files may not contain all of these items, and you may not even receive all five files each day.

Did You Know… ACH Central has a spot dedicated to providing ACH users with the information they don’t know they need to know. Such as… did you know RDFIs and ODFIs must retain a record of ACH entries received or transmitted for six years from the date of entry? Click here for helpful facts and tips you might not know you need to know.

You’ve Got Questions? We’ve Got Answers: We know Same-Day ACH can get confusing, which is why our Frequently Asked Questions section on ACH Central can be so helpful. To see some of the more common questions regarding the new rules, regulations and guidelines, click here.

Get an Alert When ACH Files Arrive: To receive email notifications when receipt files are available in TranZact or sent to processors, please sign in to TranZact, click on Settings, Email Notifications, Manage, then Daily ACH Activity File.


ACH Advisor – June 30, 2016

Same-Day ACH for RDFIs and ODFIs: Phase 1 of Same-Day ACH begins on September 23, 2016, and new rules, guidelines and times will affect RDFIs and ODFIs in a variety of ways. For instance, Same-Day ACH will be mandatory for all RDFIs, but optional for ODFIs. To see a complete list of how RDFIs and ODFIs will be impacted, click here.

On the Move: On June 15, Catalyst Corporate sent an email to credit unions with their scheduled date to transition to multiple files. If you did not receive the email or would like to transition to multiple files earlier than the date assigned, contact the ACH department at ach@catalystcorp.org.

You've Got Mail! Catalyst Corporate sends email notifications when ACH files are ready. To confirm you are set up for these notifications, TranZact administrators must log on to TranZact, and click Settings / Email Notifications / Manage / Daily ACH Activity File. TranZact users can click on Profile / Email Notifications / Daily ACH Activity File. Be sure to scroll to the Service Alert Message section and select notifications to receive service delay communications.

Did You Know...

  • ... the Federal Reserve has a search option where you can find a financial institution's phone number? Find it here.
  • ... returns can be included in all receipt files? Same-Day ACH items originated by your credit union may be returned to your credit union the same day in the 3 p.m. and 4 p.m. receipt file deliveries. The 4 p.m. receipt file delivery will include only Same-Day ACH returns.
  • ... you can find more Did You Know shortcuts, tips and advice, as well as a library of Frequently Asked Questions, on ACH Central.

 


ACH Advisor – June 6, 2016

Same-Day ACH is Almost Here: On September 23, 2016, the first phase of NACHA’s new ACH Rule will take effect. The Same-Day ACH Rule will be implemented in a three-phase approach. Learn more.

Important Dates and Deadlines: Receiving Depository Financial Institutions will be required to receive Same-Day ACH credits beginning September 23, 2016. Credit unions currently receiving a single, combined receipt file each day from Catalyst Corporate will need to modify procedures to begin receiving multiple ACH files per day by August. See all dates and deadlines.

Steps to Take By Aug. 3 to Prepare for Transition to Multiple Files: Checklist

On-Demand Training: Catalyst Corporate's Same-Day ACH webinar

Receipt File Notification: To receive email notifications alerting credit unions when receipt files are ready for processing, credit union TranZact administrators must log into TranZact and click Settings / EmailNotifications / Manage / Daily ACH Activity File. TranZact users can click on Profile / Email Notifications / Daily ACH Activity File.