How do Same Day ACH Debits (Preauthorized Withdrawals) affect me?
Preauthorized withdrawals (direct debits, automatic payments, bill payments, and electronically converted checks) are a convenient way to make payments from your Cambridge Trust Checking or Savings(1) account to merchants and billers.
On September 15th 2017 all banks are required to make changes to the processing of Preauthorized Withdrawals:
- Prior to September 15th 2017 we received and posted Preauthorized Withdrawals to your account once each business day, generally in the early morning.
- On September 15th, we will receive and post Preauthorized Withdrawals during each business day. This may speed the collection of funds and reduce the available balance of your account throughout the day.
If you believe a Preauthorized Withdrawal posted to your account was not authorized by you, please contact our Customer Resource Center (617.441.1444) as soon as possible.
(1) Savings accounts are limited to 6 preauthorized withdrawals per month.