Please review the updates below to ensure that you are aware of news and information that will affect your usage of Northeast Bank's ACH Origination Service.
The National Automated Clearinghouse Association (NACHA), the governing agency for the ACH payment network, authorized the use of Same Day ACH payments to improve the speed of its payments. Same Day ACH capabilities will allow originators to initiate an ACH entry and have it become effective on the same day, if time cutoffs are met and the entry meets defined criteria. Same Day ACH supports Same Day ACH credits and debits entries up to $25,000 with funds availability by 5:00 PM local time of the receiving bank.
Things to Note
The Cash Management ACH Origination cutoff time is now 4:00 PM Central Time.
Northeast Bank has new ACH Origination Agreements with updated terms and a new Same Day ACH Attachment. Your continued use of our ACH Origination Services after November 1, 2017 indicates your acceptance of the updated agreement. You only need to sign Same Day ACH Attachment 1-1 if you are interested in having Same Day ACH Origination activated for your organization.
We will offer the ability for approved Originators to send Same Day ACH transactions in accordance with NACHA specifications during the new defined processing windows.
Business Select / SmartPay ACH Originators must submit their Same Day ACH transaction(s) by 12 Noon Central Time.
Cash Management originators enabled for Same Day ACH should call Northeast Bank ACH Services at 612-362-3277 as early as possible, but no later than 10:30 AM, if they are processing a Same Day ACH file. They must be initiate their Same Day ACH file(s) to the Bank after 8:00 AM and before 11:00 AM for inclusion in the Same Day ACH processing window.
When ACH files are processed, all initiated files, whether they are Same Day ACH files or Future Dated ACH files, will go to a processed status in Cash Management. Cash Management Users will be unable to edit them.
Effective December 19, 2017, standard Cash Management ACH origination processes will be run three (3) times each day to account for Same Day ACH processing.
ACH Return Notices and Notifications of Change sent to Originators directly from the Federal Reserve Bank.
Where can I get more information?
Please review these documents:
- Same Day ACH FAQ
- Cash Management ACH Agreement
- Cash Management Same Day ACH Addendum
- Smart Pay ACH Agreement (Remote Deposit Portal)
- ACH Quick Reference Card
- Cash Management Monitoring Alert Preferences Form
We will continue to update this FAQ as we get more questions. You can call 612-379-8811 and ask to speak to an eBanking team member about Same Day ACH origination and the updates to our ACH origination process.