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September 8, 2017
New regulations for the financial industry will affect the speed of electronic payments and access to financial information.
As our financial lives move faster than ever before, the expectation is increasing for faster payments and financial information. The financial industry has been working to modernize the systems which allow deposits and payments to move at the pace our customers expect. You may have already noticed a change in the times during the day that we apply electronic Direct Deposits to your account to provide you with faster access to your funds.
Beginning Friday, September 15th, German American, along with every other financial institution in the country, will be required to follow new electronic payment regulations which will change the times that we apply certain electronic debit payments to your account. Under this new rule, ACH debits may post at any point during the day. For example, this means the payment you make to the utility company on Tuesday may come out of your account on Tuesday (not Wednesday) essentially eliminating any "float."
What this means to you.
Your German American team is here to help. If you have any concerns or questions, please visit your nearest banking office or call our Customer Care team at 800-482-1314.
It is our pleasure to serve you.