Notice Regarding Direct Deposit and Credits

Notice Regarding Direct Deposit and Credits

Latest News

! * ATTENTION ALL MEMBERS WHO RECEIVE ACH DIRECT DEPOSIT OR CREDITS * !

Due to upcoming changes being made by the Federal Reserve, the timing of your direct deposits/credits may be affected.  Currently, many of you have been receiving your deposit the day before it is actually scheduled to be paid. If your pay falls on a Thursday, you will no longer receive your deposit on Wednesday evening. In some cases, if your pay date falls on a Monday, your deposit would have been posted on Friday evening. This will no longer be the case going forward. Your deposit will now post on the day it settles with the Federal Reserve (your actual pay date). This will affect any direct deposits or credits made to you, whether it be payroll, Social Security, pensions, etc. Instead of these deposits posting the night before, they will now post either in the early morning on the day they are dated for, or later in the day, depending on when they are sent by the payer (i.e. your employer) and processed by the Federal Reserve. We know this will impact some of you, and wanted you to be aware so that you are prepared. These changes will take affect starting March 2nd, 2021. We apologize for any inconvenience this may cause, but we must adhere to the schedule according to the Federal Reserve, and can no longer post deposits before their pay date.  If you have any questions, please contact Member Services at 856-423-1469.

08 Feb, 21