Do state employees with direct deposit have their money in their bank accounts before payday?
OSPS sends the direct deposit file through the ACH network before payday. The entries include a “settlement date” that is the same date as payday. We do not send the funds until the settlement date. The national standards for processing electronic payments require the receiving institution to post the funds and make them available to the account owner the morning of the settlement date. Some banks or credit unions may post funds early from time to time. Which financial institutions do this, how frequently they do it and whether the funds can actually be used before the settlement date is up to the receiving institution.
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