Direct Deposit Important Information

By Meg Eynon, Vice President, The Payroll Factory®

Published: 24 OCT 07

The Office of the Comptroller of the Currency (OCC) is the regulatory agency responsible for oversight of ACH (direct deposit) activities. Guidelines recently provided by the OCC make it especially important that payrolls are processed in accordance with a schedule that meets the OCC guidlines. These guidelines are available for your review on our website,
www.thepayrollfactory.com
in the resource center. It is OCC Bulletin 2006-39.

The OCC Bulletin encourages processing of ACH transactions with sufficient time before check dates to allow the ACH processor to withdraw funds from employer accounts before they are subsequently deposited in employee and tax payment accounts. For most Payroll Factory users this is already the case, and this is only an issue if the payroll is submitted late for processing.

This is the minimum time setback for appropriate direct deposit processing:

Most of The Payroll Factory® users are already processing payroll in accordance with the above minimum transaction times or have made other permitted arrangements with us and this is just a reminder that it is very helpful if payroll information is submitted to our office on time.

Thank you for sending us your information in time for us to process it correctly. And thank you for your business.