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Direct Deposit Affected by New Regulation

New regulations that govern how Direct Deposit (ACH) transactions settle took effect last week, due to changes made by NACHA (National Automated Clearing House Association). These changes affect all financial institutions and you may have noticed a change in how these transactions appear within your Online Banking account history.

Prior to the change, Direct Deposit transactions would appear as a pending transaction in your account history until the effective date for the deposit. With the new regulations, your Direct Deposit transactions may settle on the same day as they are sent, with no “pending” status.

In general, this is good news since Direct Deposit transactions will settle faster than before. You may not notice any changes to your account activity, as any deposits that come through with a future effective date will still show up in your account with a Pending status. The only difference is that you may see funds depositing to your account on the same day they are initiated by the sender.

In summary, please note the following:

  • Direct Deposit transactions may now post and settle on the same day
  • Funds are available on the same day as the effective date of the transaction
  • This change was required by NACHA and affects all financial institutions
  • Rivermark gains no benefit from extra settle days since transactions settle and are effective on the same day

Thank you for your business and trust in Rivermark to handle your banking. We look forward to continuing to serve your financial needs.