If my payroll check is dated 1-31-07. When does my employer legally have to have those funds deposited?

Question

Since most banks start 2:00pm and after as your next business day.

Most banks have a policy that declares after 2pm as the next business day. So if my check is dated 1-31-07 shouldn't it be desposited after 2pm on 1-30-07?

Answer 1

1/31/07

Answer 2

No. In terms of direct deposit, the transactions used to post the funds to your account use what is referred to by NACHA (essentially an association of banks led by the federal reserve bank) as an "effective date" of the transaction. In this case the effective date is 1/31/07, which is when the funds are supposed to be posted to your account. Most large (national) banks will have the funds available at the start of business (say 9:00 a.m.) on 1/31/07, but legally a bank doesn't have to make them available until close of business, which could be midnight. No bank in their right mind (should) do this. However, in some cases small banks like credit unions use a correspondent bank to process their ACH (direct deposit) files which often results in the direct deposit posting later - usually during the business day as opposed to 9:00 a.m.

Answer 3

If you get an old fashion paper check, he never deposits it , you do . . . but if you mean "when is the check cashable", then anytime on the date on the check.

Or are you asking about direct deposit notice . . . ?
Then they have to have it deposited by the date on the check advisory (1-31 in your case).
Mine was always available by opening which is not 2 in the afternoon here .
Where do you live that banks start at 2 in the afternoon ?

Answer 4

The same day or before, not after.