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Comment on potential modifications to the National Settlement Service and Fedwire® Funds Service in support of enhancements to Same Day ACH

On September 13, 2018, three new rules were approved by the Nacha (Off-site) voting membership to expand the capabilities of Same Day Automated Clearing House (ACH). One of the rules would create a third new processing window to allow originating depository financial institutions (ODFIs) to submit Same Day ACH files until 4:45 p.m. ET with settlement at 6 p.m. ET.

A third same-day ACH window aligns with the Federal Reserve's ongoing objective to support improvements in the safety and efficiency of payment systems in the United States as well as public interest in greater availability of payment services. However, in order for the Federal Reserve Banks to facilitate adoption of this later Same Day ACH processing and settlement window, potential modifications to our other financial services would be required. Specifically:

  • Extending the closing of the National Settlement Service (NSS) by one hour to 6:30 p.m. ET
  • Extending the cutoff time for Reserve Bank accountholders to initiate transfers on behalf of third parties via the Fedwire® Funds Service (Fedwire Funds third-party cutoff) by 45 minutes to 6:45 p.m. ET
  • Extending the closing of the Fedwire Funds Service by 30 minutes to 7 p.m. ET

As is policy with any proposed changes to Federal Reserve financial services that would have significant longer-run effects on the nation’s payment system, the Federal Reserve Board (Board) published a Federal Register Notice (Notice) (Off-site) on May 9, 2019, requesting public comment on these potential modifications from all payments participants, including wire, NSS and ACH, regardless of size.

The Notice seeks feedback on how your institution and customers would use a later same-day ACH window, and if you would use expanded hours of NSS and Fedwire Funds for purposes unrelated to the later same-day ACH window. The Notice also seeks feedback on the potential risks, costs and changes to internal processes your institution may face due to the compression of end-of-day processing activities, decreased availability of extensions to operating hours and more frequent delays to the reopening of the Fedwire Funds Service. The Board will use your answers to these questions as it is considering Nacha’s proposed implementation date of March 19, 2021.

How to comment

The Board is seeking feedback through July 15, 2019. We encourage interested payments participants to provide comments via the following options:

  • Board website: Follow the instructions for submitting comments on the Proposals for Comment (Off-site) page
  • Email: Send an email to and include the docket number, OP-1664, in the subject line of the message
  • Fax: (202) 452-3819 or (202) 452-3102
  • Mail: Ann E. Misback, Secretary, Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue, N.W., Washington, DC 20551


In issuing the Notice, the Board is not committing to any specific actions at this time or in the future, but is committing to transparent communication with the public after reviewing the responses to this Notice and determining next steps.

  • Fedwire Funds Service
  • FedACH® SameDay Service
  • Fed360

    United Bankers’ Bank shares its experience attending Check Adjustments webinars

    Elizabeth Woodruff serves as a vice president at the nation’s first bankers’ bank, United Bankers’ Bank (UBB) (Off-site), which serves over 1,000 community banks across 14 states. Woodruff and her UBB colleagues recently attended both the Fed’s Check Adjustments Insights into Investigation Types (ITYPs) webinar and the Fed’s Principles and Concepts of Image Cash Letters and Electronic Check Adjustments webinar. Woodruff shared UBB’s experience with our webinars and said attending them is “something I wish I had done years ago.”

    The webinars laid a great foundation for anyone new to check adjustments, but they also provided great tips for someone who has been in banking for over 25 years. I recommend them to other institutions because they provide information for both entry-level staff and more seasoned bankers.
    Elizabeth Woodruff Vice President, Correspondent Banking Officer
    United Bankers’ Bank

    Woodruff also highlighted the benefit of earning up to 3.3 Accredited ACH Professional (AAP) credits and/or up to 3.3 National Check Professional (NCP) credits. “I chose to attend these webinars because I could earn credit and gain further insight about check adjustments,” Woodruff said.

    By attending a Check Adjustments webinar, you will learn from a subject matter expert. The Check Adjustments Insights into Investigation Types (ITYPs) webinar provides a basic understanding of the most common investigation types that institutions encounter in today's processing environment, including Encoding Error (ENC), Non-Cash Item (NCH) and Paid Item (PAID). At the Principles and Concepts of Image Cash Letters and Electronic Check Adjustments webinar, our expert will equip attendees with a fundamental understanding of:

    • How checks are cleared in an electronic file format
    • How subsequent errors occur
    • How to submit an electronic adjustment request and applicable documentation to resolve the error

    Get started today!

    Do you want to experience the benefits of our fee-based Check Adjustments webinars? Register today for the Check Adjustments Insights into Investigation Types (ITYPS) (Off-site) webinar or the Principles and Concepts of Image Cash Letters and Electronic Check Adjustments (Off-site) webinar. Each webinar is offered for a per-connection fee of $300, payable by credit card. You can view event descriptions and register for a variety of other webinars on our Federal Reserve Bank Webinars page. Be sure to bookmark the page as a favorite for future reference.


    The Federal Reserve Banks do not sponsor or endorse any of the non-Federal Reserve Bank-related products, parties or entities discussed in this publication.


    Fed Facts: Take a look at how far the American workforce has come

    It’s an understatement to say that the American workforce is different today than a century ago. Even though comparing our era to previous ones is futile, one can’t help but marvel at how far the American worker has advanced.

    Glancing back 100+ years

    In 1913, President Woodrow Wilson signed the Federal Reserve Act (Off-site). Also that year, Wilson appointed Royal Meeker — who served as a Princeton economics professor while Wilson was university president — as the Commissioner of Labor Statistics for the U.S. Bureau of Labor Statistics (BLS).

    Similar to the wide range of data (Off-site) that the Federal Reserve System gathers, the BLS is a governmental statistical agency that collects, processes, analyzes and disseminates essential statistical data. The Monthly Labor Review (Off-site), which was first published by Meeker in 1915, is the principal journal of fact, analysis and research from the BLS.

    During the early 1900s, the shift from agriculture to urbanization changed the nature of work and the daily lives of workers. Let’s take a look at a few startling workforce statistics:

    • In the early 1900s, most jobs required little formal schooling and the majority of the population had not gone past elementary school. In fact, only 18% had completed high school at that time compared to more than 86% of today’s workers.   
    • According to the 1915 Census, the average U.S. worker made $687 a year. The BLS recently reported that the median wage for U.S. workers in the first quarter of 2019 was $905 per week or $47,060 per year for a 40-hour workweek.
    • It wasn’t until 1919 that about 50% of the American workforce had a workweek capped at 48 hours. The manufacturing workweek is now about 40 hours, although its length is somewhat sensitive to business conditions, dropping during recessions and climbing during recoveries and economic expansions.
    • Dangerous working conditions have declined. The BLS reported 61 deaths out of 100,000 workers in 1913 compared to today’s rate of 3.3 deaths out of 100,000 workers.

    A glimpse at today’s U.S. workforce

    If you’d like to know more about the status of today’s workers, check out the Federal Reserve System’s wide variety of resources that include:

    What does the future look like?

    Over the decades, the nature of work has been shaped by countless forces, including technology, globalization, education and communications. Future transformations are sure to be fast-paced, far-reaching, dramatic and impactful. Will anything remain the same?


    United States Department of Labor, Bureau of Labor Statistics (Off-site)

    Federal Reserve Board (Off-site)