Introducing FedNow: The Fed’s new direct deposit service
BMT Office Administration
AUGUST 4, 2023
You send the payroll file to your bank a few days before payday and your bank sends files through the ACH network to employees’ banks. Same-day settlement vs. FedNow You would not want to use same-day settlement for your regular payroll , because some additional cost is involved. Direct deposit is a closed loop.
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