Will your payroll total more than $500,000 or include an individual payment of more than $100,000, such as sometimes happens with year-end bonuses? If so, you should be aware that Savers Admin’s ACH (Automated Clearing House) provider now requires pre-funding.
There are two ways we can accomplish this. The first is simply to wire the entire amount of the payroll in advance of the payroll check date. The second is to process the payroll within a five-day time frame. Here’s how that can work:
Monday: Savers sends file to ACH provider.
Tuesday: ACH provider collects funds from employer’s account.
Thursday: ACH provider sends collected funds to employees’ accounts.
Friday: Collected funds are deposited into employees’ accounts.
If you find yourself in this position, please contact your payroll representative at Savers Admin. We’ll work with you to assure your employees are paid on time.
To learn more about our Payroll Services, simply email Payroll@SaversAdmin.com or call 800-949-0311.
Read our full April 2018 issue of The Administrator newsletter.