FedACH Process resuming 5:30pm

[Nikki]

https://www.frbservices.org/news/fed360/issues/010219/010219-ach-holiday-schedule.html?fbclid=IwAR0v5QoLriwjAjMT7l0zCp4-slZzYDuCvmPGOALj7cvBE0aVyfR2rouT3H4

Posted the link above

[Ken]

I don’t know how relevant that is to us but it’s important to note that, although the Fed and Treasury work in conjunction to manage federal money, tax refunds are issued from the Bureau of Fiscal Services, which is a subordinate agency of the Department of the Treasury. Also important to note is that the Federal Reserve, or the Fed, is NOT actually a federal agency in itself, but rather an association of Congressionally authorized non-profit banks overseen by the Board of Governors, something of an admixture of private and public banking. It’s federal but not in the sense that most people think of when they hear that word, ie not funded by taxes.

[Mike]

The Federal Reserve controls “all” bank transactions. The source of the transaction is irrelevant. Now, if the DofT has not released the funds, then the Federal Reserve’s process is irrelevant. lol.

[JV]

they come from treasury

[Jenell]

Irs refunds don’t come from the federal reserve bank though 🙄

[Kay]

I am not to sure about the Fed Reserves’ role with the IRS but I think the Dept of the US Treasury that issue Tax refunds

[Citizen]

What Randall said 😂😂

[Renee]

Great info! Thanks Nikki :-)

[Citizen]

Nothing to do with the IRS (I’m just a normal person so I’m probably wrong, just sayin) that is the federal reserve bank system which will cause issues with deposits (payroll, government & etc…. which I don’t think has anything to do with the IRS refunds. I believe the refund money comes from a treasury department, but even if the banking system opens back up, the IRS is who send out refunds and they won’t be open until tomorrow.

So basically the federal reserve bank holiday schedule, that what that is.

[Randall]

Rex,

ACH transfers are deposits. For instance, your work paycheck DD is an ACH, or when you pay your bills with an electronic checking account payment, it’s an ACH. They take 3 days to process on average.

Your job pays your direct deposit on a Tuesday if you have Friday pay days. So, your bank knows it’s coming early in the week, but the ACH process has to take place before it is actually in your account.

[Waiting, broke and discouraged]

So they start transmitting ACH transfers to bank tonight beginning at 530est. So prepaid that do not hold may actually see deposits tonight!

[Mike]

Bank transfers will start at 5:30 PM EST.

[Rex]

what does this mean

[Author]

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