How does direct deposit work?

Question

My husband gets direct deposit. It used to post on Wednesdays, now every other pay day it posts on Thursdays, if it's direct, who's doing what wrong to make the payday a day late once a month?? It's very hard to budget when I used to know the money would be there on Wednesdays and now it's Wednesday or Thursday and I never know. I want to know how this works. Thank you

They ask for your account number upon hiring so I am guessing it is electronic.

It's not about a budget being too tight, it's about knowing when you're going to get paid. If you're told your payment will post on Wednesday it should post on that day, not a day later. If you send out bills early knowing that they will safely clear on Wednesday and then they don't because whoever does payroll hit the snooze button one too many times that morning, that's their fault and they need to be disciplined.

Answer 1

I think it would be safest to assume that it will ALWAYS post on Thursday and budget accordingly. That way you will never be caught off guard.

My suspicion is that your husband's actual payday is on Thursday, but that the direct deposit was posting early. The bank is under no obligation to continue doing this.

If the actual payday is Wednesday and it's now posting late, your husband will need to contact the bank and/or the payroll department at his job.

Answer 2

The employer calculates your husband's pay. Either they send paper to the bank that handles the direct deposit, or they send the information electronically. I don't know the numbers, but I assume most companies sent the information electronically now. The bank that handles the direct deposit then verifies that the employer has the money and transfers the money to each employee's bank or other financial institution electronically. The money is then deposited into your husband's account. I suggest your husband inform his employer that some deposits are late. The problem may be with the bank, but it is more likely that someone is not getting all of the deposit information ready on time. If I were a manager in your husband's company, I would want to know if there were delays in paying people.

Answer 3

I would call the employer and see exactly when they deposit the money and then contact the bank. It is my guess that the difference is due to his employer. I have had a similar problem. My employer was slow at handling the transaction. It is from my experience that after a few deposits, the bank recognizes where the money is coming from and is good at posting the money.

Answer 4

it could be either the company or the bank. our company "saves" money by mailing out bills due 60 days after due date. some terms are 90 days. everyday they hold on to money they are earning money. it's a supply chain thing companies are doing. banks also play the same game , the afternoon postings next business day . everyone is getting cheaper / trying to squeeze the last nickel out of everything. i would budget for the later date to be safe. not like you can make a big deal to his employer / as it may risk his job.

Answer 5

My guess would be the company is submitting it to the bank too late to credit on Wednesday. I know my mom has had that happen a couple times.

Answer 6

the "payment" goes out after 3:00 p.m., so the bank doesn't post it till the next business day. direct deposit doesn't benefit the worker. a mistake will be made and his check will get deposited into another acct, or vice versa. as for me, just HAND me my check, i'll hassle with it my way.

Answer 7

I have to agree with andrea.f...

It makes NO difference WHY the deposit posts on Thursday some weeks. You CAN adjust your budget as if it will ALWAYS post on Thursday. There is no such thing as a budget too tight to make that adjustment.

Answer 8

Your bank could have changed the days and times for posting. I know one of the banks we use just changed theirs.

Answer 9

You might try calling where he works(payroll dept.)Ask them about it.