Near Real Time Transactions Beginning Now

Near Real Time Transactions Beginning Now

At Scott Credit Union, we are focused on providing you with the best value and most convenient experience when it comes to your finances. Our world today allows us to do almost everything in real time because of the technology we have available to us. Methods for moving money are advancing in the same way. Now, your account balances will be near real time. That means you will see up-to-date transaction activity and balance in your accounts.

You will likely notice that some items are clearing your account quicker. Your balance will reflect those transactions and will be more accurate in near real time. When you have automatic payments, or write checks that have been converted to an electronic item, the money will come out of your account on the same day in many cases.

What can you expect?

  • Online bill payments and purchases—including those made in stores using checks—may appear in your account the same day you make a purchase.
  • Deposits may appear in your account the same day you receive online store refunds, insurance claim settlements and transfers from other people.

Keep in mind, this change is across all financial institutions due to changes in regulations on automatic or automated clearing house (ACH) transactions. Money will likely move in and out of your account faster, near real time. It will be important that you monitor your accounts using our SCU Online Banking and SCU Mobile Banking tools, which put your accounts at your fingertips.

Here are a few examples:

  • You write a check at the store today before 1:45 p.m. Central Time—the store converts the check to an electronic ACH item, and the money clears your account this afternoon by 5:00 p.m.
  • A Pay-By-Phone item that clears your account via ACH—When you request a payment be made over the phone in the morning, it currently clears your account the next day or in 2 days. Now, that item could clear by 5:00 p.m. the same day.

What should you do?

  • Be aware that money will clear from your account faster. Even payments that have not cleared your account on the same day in the past may do so now. This will result in little or no “float time” that you have had in the past.
  • Keep an eye on your account balances using online and mobile banking. It will be even more important than ever for you to keep track of your available balance in your accounts. Be sure to have enough money in your account to cover purchases when you make them. Remember, the money will leave your account in near real time.
  • Track the automatic payments you have from your accounts. Those payments will likely clear your account faster than they have in the past.

We do offer tools that can protect you from overdrawing your account to help you make this adjustment to having payments clear your account faster than they have in the past. Please consult with any of our Member Service Representatives for more information about those convenient options.

We also want you to keep in mind that not all merchants or other companies that initiate electronic transactions will adopt this new real-time option right away. At this point, Scott Credit Union has chosen not to change any of our payments to real time. Therefore, if you are paying your consumer or mortgage loan payments with an automatic payment from an account at another financial institution, the money will still clear that account the next day.

As always, we welcome you to contact us with any questions about your accounts.