Payroll direct deposit to Chase bank failed 8/5/22

[sunny_socal]

Today is pay day - but no deposit to my Chase checking account. All other DDs processed normally (seven of them.)

My pay stub shows the deposit and correct account number so not sure it would do any good to contact my payroll dept. Also don't think it would help to contact Chase - they can't help even if I send my own wire transfer and the funds go "missing" (or they close an account and funds go "missing" both personal experience.)

Ideas?

[oldcomputerguy]

Contact your payroll department. They initiated the transfer, they should be able to pursue it.

[ccompounder]

Wait a few more hours?

[galawdawg]

Wait a few more hours?

Yep...OP created this thread entitled "Payroll direct deposit to Chase bank failed 8/5/22" simply because the funds were not yet appearing on his online Chase balance before 2:00 am or so his time on 8/5/22. Premature anxiety perhaps?

[sunny_socal]

Wait a few more hours?

Yep...OP created this thread entitled "Payroll direct deposit to Chase bank failed 8/5/22" simply because the funds were not yet appearing on his online Chase balance before 2:00 am or so his time on 8/5/22. Premature anxiety perhaps?

Yes it came through (I expected it at the stroke of _midight_) All credit union deposits come 24h earlier for some reason.

[oldcomputerguy]

Thanks for the update, glad it all worked out.

(PS: this topic is now in the Personal Finance forum.)

[lstone19]

Another expecting things to happen instantly in a non-instant world. ACH transactions move between banks in batches, not in real-time. ACH transactions also have an effective date - some banks honor the effective date and some banks make the funds available as soon as the ACH transaction is received even if the effective date is in the future.

My own experiences:
Alliant Credit Union: Alliant enforces effective dates although you will see pending ACH deposits and withdrawals as soon as they've received notice of it in an ACH batch. When pending the night before, they usually post shortly after 6:00am ET. If they weren't pending the night before, they post when received - typically around 9:00am ET. DW's payroll direct deposit normally shows up as pending Wednesday late afternoon with a Friday effective date and posts Friday morning at the time mentioned above.

Bank of America: All I have regularly going to BofA is one monthly pension payment. I don't check to see when it shows as pending but when it's to be paid on a Monday, I always get the direct deposit alert of Saturday (by which point we're already into the Monday banking day).

The proliferation of banks that provide "early direct deposit" (by ignoring the effective date) is skewing consumer expectations. Sounds like Chase enforces the effective date (and see my comment above that with Alliant CU, that means they post shortly after 6:00am ET) while OP's credit union does not.

[Katietsu]

There is also a difference between what usually happens and what the actual deadline is for the transaction to be considered on time. About once every six months, one of our regular direct deposit appears about 12 hours later than usual but still before the end of business on the promised date.