When must an employer generally submit the direct deposit information for processing?
Answer
A few business days before the actual payday
To allow adequate time for the ACH network to process the batches, employers are required to submit the direct deposit instructions to their bank several business days ahead of the scheduled payday.
Related Questions
What network is relied upon to securely move funds during a direct deposit?What two pieces of data are crucial for initiating an electronic transfer to a specific bank account?What term describes the total amount earned by an employee before any reductions are taken out?What is the final dollar amount that is electronically sent to the employee's bank account?Which of the following is listed as an example of a voluntary deduction?What function does the bank's routing number serve in a direct deposit transaction?What is cited as a major advantage of direct deposit compared to receiving a physical paper check?When must an employer generally submit the direct deposit information for processing?What process allows an employee to split their paycheck between different accounts?What document is often the easiest source to obtain the required banking identifiers from?