By Meg Eynon, Vice President, The Payroll Factory
Published: 24 OCT 07

The Office of the Comptroller of the Currency (OCC) is the regulatory agency responsible for oversight of ACH (direct deposit) activities. Guidelines recently provided by the OCC make it especially important that payrolls are processed in accordance with a schedule that meets the OCC guidlines. These guidelines are available for your review on our website, www.thepayrollfactory.com in the resource center. It is OCC Bulletin 2006-39.

The OCC Bulletin encourages processing of ACH transactions with sufficient time before check dates to allow the ACH processor to withdraw funds from employer accounts before they are subsequently deposited in employee and tax payment accounts. For most Payroll Factory users this is already the case, and this is only an issue if the payroll is submitted late for processing.

This is the minimum time setback for appropriate direct deposit processing:

Payroll Input Due at Payroll Factory          Direct Deposit Account Withdraw & Pay Day

Monday 12 noon                                       Wednesday

Tuesday 12 noon                                       Thursday

Wednesday 12 noon                                   Friday

Thursday 12 noon                                      Monday

Friday 12 noon                                           Tuesday

Most of The Payroll Factory users are already processing payroll in accordance with the above minimum transaction times or have made other permitted arrangements with us and this is just a reminder that it is very helpful if payroll information is submitted to our office on time.

Thank you for sending us your information in time for us to process it correctly. And thank you for your business.