This article explains what it means if your ACH payment was late, why it can happen even when you submit a payment, and how to avoid late payment status in the future for your SRM or HEBLOC.
What a Late ACH Payment Means
An ACH payment is considered late when it does not fully clear and apply to your loan balance by the required timeframe. Because ACH transfers are not instant, a payment can be submitted on time but still process too late.
ACH payments are applied only after they clear through the banking system.
Why ACH Payments Are Marked Late
- Processing time: ACH transfers typically take 3 to 5 business days to clear.
- Late submission: Payments submitted too close to the end of the month may not clear in time.
- Non-business days: Weekends and bank holidays do not count as business days.
- Payment issues: Incorrect bank details or insufficient funds can delay or prevent clearing.
How to Avoid Late Payments
- Submit early: Send your ACH payment at least 5 business days before the end of each month.
- Use recurring payments: Set up recurring ACH transfers through your bank’s bill-pay system.
- Confirm payment details: Double-check your routing and account numbers.
- Maintain sufficient funds: Ensure your bank account has enough available balance.
What to Do If Your Payment Was Late
If your ACH payment was marked late:
- Allow time for the payment to fully clear and be applied.
- Review your bank submission date and confirmation.
- Avoid submitting a duplicate payment unless instructed to do so.
If you are unsure about your payment status, Peoples Reserve Support can help review your situation.
When to Contact Support
Contact Peoples Reserve Support if:
- You submitted your payment early but it was still marked late
- You are unsure whether your payment has cleared
- You need guidance to prevent future late payments