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Changes in rules for Automated Clearing House (“ACH”) debits and credits take effect on September 15, 2017. This means that, when you authorize a merchant to debit your Millbury Savings Bank account in order to make a payment, the funds could be withdrawn that same day, rather than a day or two later.
For example, you might make a payment using a merchant’s website or by phone. Or, you might give a check to a merchant who then converts it to an electronic debit. In these cases, the money might be taken from your account on the same day you made the payment or wrote the check. (Note that this applies only to transactions that are $25,000 or less and does not apply to international transactions.)
While this certainly speeds up your ability to make payments, it also means your funds will be withdrawn from your account more quickly, too. So it’s important to be aware of your account balance and be sure you have enough funds in your account to cover the charges. If you don’t have sufficient funds in your account, you might incur an overdraft fee, and the merchant might charge you a late fee.
Please note that payments you set up through our Online Bill Payment application are not affected by this change. Therefore, as always, you will need to pay close attention to the date that Online Bill Payment pre-populates for each merchant payment, which represents the earliest date by which the merchant can receive your payment.
Be sure to sign up for Online Banking and Mobile Banking and check them often to monitor the available balance in your account and to see whether any additional payments may have cleared. You may also want to consider applying for an Overdraft Line of Credit to cover any overdrafts.