He’s being downvoted because he’s wrong and rather than replying directly to the points made, he tangents off on one small detail and still misses the narrative.
Per Title 12 → Chapter II → Subchapter A → Part 229 → Subpart B → §229.10b(1), in general a bank shall make funds received for deposit in an account by an electronic payment available for withdrawal not later than the business day after the banking day on which the bank received the electronic payment. [0]
So reading that there are several observations.
- first, they say in general, emphasis theirs, and don’t define exceptions explicitly.
- next business day, so that means they are perfectly allowed to be two days delay for a payment initiated by Wednesday night, or up to five days for one initiated Thursday night (Thursday send, Friday received but held, Monday being next business day). If Monday is a bank holiday, then it could even be six days!
- in (2)(i) they further go on to state Payment in actually and finally collected funds. There are a number of reasons that could be delayed.
Ultimately, saying an ACH should always be by next morning is just flat wrong and no amount of experience with your own personal transactions negates that.
Per Title 12 → Chapter II → Subchapter A → Part 229 → Subpart B → §229.10b(1), in general a bank shall make funds received for deposit in an account by an electronic payment available for withdrawal not later than the business day after the banking day on which the bank received the electronic payment. [0]
So reading that there are several observations.
- first, they say in general, emphasis theirs, and don’t define exceptions explicitly.
- next business day, so that means they are perfectly allowed to be two days delay for a payment initiated by Wednesday night, or up to five days for one initiated Thursday night (Thursday send, Friday received but held, Monday being next business day). If Monday is a bank holiday, then it could even be six days!
- in (2)(i) they further go on to state Payment in actually and finally collected funds. There are a number of reasons that could be delayed.
Ultimately, saying an ACH should always be by next morning is just flat wrong and no amount of experience with your own personal transactions negates that.
https://www.ecfr.gov/cgi-bin/text-idx?SID=b82e479da1df29eaa4...