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Second, the employee can’t go to the bank to cash the check.
Financial institutions and the ACH follow the Federal Reserve System’s holiday schedule.
The Automated Clearing House (ACH) is an electronic network that handles direct deposit.
The ACH processes direct deposit transfers Monday-Friday.
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The ACH will process direct deposit the next business day after the holiday.
Some employees prefer to receive their wages in the form of a check.
Employees need to go to a financial institution to cash the check or deposit it into their checking or savings account. When financial institutions are closed on your business’s payday, an employee cannot receive their direct deposit or cash a check.
That way, employees can receive their direct deposit the business day before the holiday. You must submit payroll four business days before your employees receive their direct deposit.
You collect timesheets on the Thursday before payday. Then, the employee receives their direct deposit on Thursday.