Effective September, 15, 2017, New Rule Allows for Faster Payment Processing
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September 2017
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Effective September, 15, 2017, New Rule Allows for Faster Payment Processing

Dedham Savings would like its customers to be aware that effective September 15, 2017, a new federal rule allowing for faster processing of debits from your financial accounts (which include Dedham Savings accounts and all other financial institutions), goes into effect. This rule was put into place by the Electronic Payments Association, known as NACHA (National ACH Association) and impacts all financial institutions.

What does this rule mean and how does it impact you?

When checks are given to merchants or online payments are scheduled with businesses, such as your utility or credit card company, the amount of the debit may be withdrawn from your account the day the charge is made. Previously, the debit could have taken as long as 1-2 days.

What do you need to do?

With the implementation of this new rule, monitoring your balance becomes more important. Dedham Savings provides our customers with easy to use tools to manage your accounts and monitor how much money is in your account. Issue checks and authorize payments against sufficient funds. Enroll in online banking and download the Dedhamobile App so you can monitor your balance.

For more information, please visit our website here.


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