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. Eastern time; employees’ banks receive files by noon; transactions settle by 1:00 p.m.; You get your file to your bank by 2:45 p.m. You get your file to your bank by 4:45 p.m.
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