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NEACH DEBUTS FASTER PAYMENTS EDUCATIONAL TOOLS FOR CONSUMERS

Tuesday, August 15, 2017

FOR IMMEDIATE RELEASE
 
Media Contact:
Meagan Norlund
NEACH
781-321-1011
mnorlund@neach.org

NEW ENGLAND ACH ASSOCIATION (NEACH) DEBUTS FASTER PAYMENTS EDUCATIONAL TOOLS FOR CONSUMERS

Campaign Encourages Consumers to "Check@5" to Stay on Top of Account Balance 

Aug. 15, 2017 (BURLINGTON, Mass.) ― Today the New England ACH Association (NEACH) announced a new faster payments education campaign aimed at encouraging consumers to get in the habit of checking their account balances at the close of business each day. "Check@5," supports financial institutions in making sure their customers keep on top of account balances as payments speed up. 

Today, all payments are moving faster, from same-day to real-time. Practically, that means money is going to move into and out of bank accounts with increasing speed. For example, as Same Day ACH debits (also known as direct payment or direct withdrawal via ACH) go live in one month, payments may be pulled from consumer accounts on the very same day, shortening the time frame for "pending" transactions. And when it comes to real-time payments, money could transfer faster still.

"Between Same Day ACH debits going live on September 15, 2017, and the Federal Reserve working with an industry task force to develop a ubiquitous, real-time payments system by 2020, faster payments are here to stay," says Sean Carter, President and CEO, NEACH. "Financial institutions want their customers to be aware that these advancements in payments will move money into and out of their accounts more quickly, and Check@5 is designed to help communicate that message." 

With an underscoring theme of "check your account at the end of the day," Check@5 offers a clear call-to-action for consumers. The campaign includes a comprehensive toolkit for banks and credit unions to leverage with their customers. Toolkit items, available for download, include:
 
  • Co-branded fact sheet
  • Email to consumer customers
  • Email to business customers
  • Social media posts
  • Web and mobile site ads 
  • NACHA guidance for receiving banks and credit unions

Beyond simply preparing customers for Same Day ACH debits, Check@5 has positive impacts on everything from fraud monitoring to encouraging habits that increase in importance as payments further speed up. It's a strategic campaign that leverages a milestone, the implementation of Same Day ACH debits, to create behaviors that will benefit consumers in the long run.
 
"It's our hope that Check@5 supports consumers in their efforts to take firmer control of their finances as money moves more quickly," says Carter.
 
For more information or to download Check@5 resources, visit neach.org/check@5


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About NEACH
The New England Automated Clearing House (NEACH) is a non-profit association that helps members originate and receive ACH transactions, and provide products, services, education and marketing to increase the acceptance, use and quality of electronic transactions. For more information, visit neach.org

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