This is a quick but important message about payroll deposits that normally happens tomorrow.
With tomorrow (Veterans Day) being a federal reserve banking holiday, your deposit for your pay check will be deposited on Friday NOT Thursday.
Below are two frequently asked questions and answers that you may like to read for further explanation.
Why can’t it be deposited on the Wednesday?.
As our billing and payroll week ends on a Saturday, we are only able to start finalizing billing and payroll on Monday and this takes at least one full day to do (all of Monday).
The cut off time for us to to have payroll processed for a Wednesday pay date (instead of a Thursday) is Monday 12pm. As you can appreciate we are not able to have everything finalized by this time.
How often does this happen?
Thankfully the situation of a banking holiday falling on a Thursday is not very common.
The next time a federal banking holiday falls on a Thursday is not until near the end of next year 2022.
Thank you for your understanding.
If you have any questions feel free to reach out to Tara, your manager.