Accounting, Payroll & Pension Issues/payroll check funds avalability

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Expert: - 5/20/2008


Question
If a payroll check, not direct deposit, is deposited into your personnel account, by you, when are the funds to be made available to you in cash form ?

Thank you,

Answer
Direct deposit is immediately available.

If you deposit a payroll check it may not be available for 3 or more days. It is the policy of the bank and has nothing to do with the company that issued the payroll check.

The payroll check is cashable upon receipt from the company. If you cash it you get cash money immediately. If you deposit it into your checking account it is available for cash when your banking rules say it is available. Check with your bank and see what their policy is.

What you can do it cash the check at the bank and deposit the cash into your account then it would be available immediately for withdrawal.

Shirley

Accounting, Payroll & Pension Issues

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Shirley McAllister, CPP, PHR

Expertise

I can answer payroll questions, payroll tax questions, 401K questions. No stock option questions please and I have some knowledge of other pensions but am most familiar with the 401K pension. I can answer U.S.and Canada payroll questions proficiently and have a good general knowledge of UK and South Africa and some knowledge of Australia and New Zealand Payroll procedures. Please do not ask me homework questions I do not have time to answer them.

Experience

25 years with an international company in the Human Resources, Payroll and Payroll Tax areas.

Organizations
SHRM, APA, I.O.M.A.

Publications
I.O.M.A. and BNA

Education/Credentials
P.H.R., C.P.P., Canadian Payroll Administrator, Successfully passed APA class on UK Payroll Administration. Boise State University Human Resource Certification

Awards and Honors
APA Hotline Citation of Merit for last 8 years.

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