Timing of Direct Deposits
On May 1st, 2019, we will be implementing a change that will impact the timing of when Automated Clearing House (ACH) credits post to your account(s).
Do You Receive Direct Deposits Such As Social Security or Payroll Deposits?
ACH credits (such as payroll and social security electronic deposits) will be posted after processing on the business day prior to the effective date at approximately 8:30pm when received before the effective date of the payment. Funds will still be available to you on the day you are accustomed to receiving them, but later in the evening (approximately 12 hours or more before they would be available to you at other financial institutions).
- If your employer’s effective date for payroll is Friday, and they send the ACH payment before Friday, you will receive credit for this payment Thursday evening after the day’s processing at approximately 8:30 pm. These funds will be available to you at that time via debit or ATM card and via online or telephone banking.
Why the change?
- Decades ago, when Union Bank rolled out our ATM machines and debit cards, the Bank implemented a process where we would post those ACH transactions that we received notification of before the effective date, in the afternoon of the business day prior to the effective date, before we had received payment. We did this to ensure that we provided you credit for ACH transactions before 9:00am of the effective date of the transaction.
- It has been nearly a decade since we updated the ATM/debit card network and eliminated the need for the early posting of ACH credits. With advances in the number of ways customers can access their funds, we are changing the timing.
Pease contact our Customer Care Team at 800.753.4343 or your local branch staff if you have questions about the later availability of ACH credits.