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Member Notifications

Service Update: Same-Day ACH Withdrawals

As part of an effort to improve and modernize the U.S. payments system, you may have already noticed a change in the times during the day that we apply electronic direct deposits to your account. This change was made to help provide you with faster access to funds for Same Day Direct Deposits to your account. Beginning on Friday, Sept. 15, 2017, we also changed the times that we apply certain electronic debit payments to your account. Certain electronic debit payments will now be applied on the same day as the transaction, providing more accurate account balance information.

The National Automated Clearing House Association (NACHA) recently adopted new rules that govern Same Day ACH (Automated Clearing House) processing. The new NACHA operating rules require mandatory participation in same day ACH processing. 

What's Happening Now?

The Federal Reserve has started processing most ACH debits the same day they are transacted and Powerco Federal Credit Union will change the times of day we process pre-authorized withdrawals from your account. If you have pre-authorized an electronic payment such as a recurring mortgage or insurance payment, there will likely be no change to the time these payments are withdrawn from your account. Many merchants and billing companies may offer you the option* to make a same-day electronic payment, such as to pay a bill or to transfer funds. If you agree, then the funds might be debited from your account as soon as that very same day.

These electronic debits are commonly known as direct payments, direct debit, ACH debit, electronic check, eCheck or similar terms. Gym memberships, insurance companies or subscriptions are examples of these payment types. Paper checks written to merchants like grocery stores or big box stores may be converted to ACH debits. If so, these checks can clear your account the same day as well. 

How Can I Prepare?

Make sure money is there: To prevent unintentional overdrafts or insufficient funds, it's important to make sure there are enough funds in your account to cover all transactions you authorize. Use Online BankingMobile Banking (with eDeposit), or Polly, The Anytime Phone Teller to access your account balances and information anytime, anywhere so you know before you shop. Set up alerts to notify you of transactions and low balances.

Stay on top of your balances: Build good habits by keeping your available balances at a level that supports your spending. Make a savings goal and gradually build your savings account balance to serve as a safety net. You can also opt to have funds transferred automatically from savings to checking to cover shortfalls. 

Protect yourself: Consider opening a Prestige Line of Credit or enroll in Privilege Pay Protection to set up automatic transfers to prevent overdrafts. 

*The merchant does not have to notify you that they are going to process the transaction as a same-day payment. It may just happen.


2017 Credit Union Holiday Closings

Powerco Federal Credit Union offices will be closed on the following dates for holiday observance in 2017.

New Year's Day Monday, January 2
Martin Luther King Jr. Day Monday, January 16
Memorial Day Monday, May 29
4th of July - Independence Day Tuesday, July 4
Labor Day Monday, September 4
Thanksgiving Thursday, November 23
  Friday, November 24
Christmas Monday, December 25
  Tuesday, December 26
NCUA

This credit union is federally insured by the National Credit Union Administration.

We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act. NMLS# 762143

Equal Housing Lender