December 30, 2020
Understand End-of-Year Deposit Delays
Update: January 4, 2021
All economic impact payments received by UFCU have been posted to Member accounts. Your payment will appear in online or mobile banking under the descriptor ‘IRS TREAS 310.’ If you have not yet received a payment, visit IRS.gov for more information. We are experiencing longer than average call hold times and appreciate your patience.
Are you expecting a direct deposit to clear soon? December brings circumstances that impact our ability to process deposits to your accounts, including holiday closures and federal requirements for taxable income, particularly for those who benefit from UFCU’s early direct deposit perk. If you’re accustomed to receiving your first-of-month paycheck a little earlier, (at the end of the previous the month), here’s what you need to know and do:
- Rest assured that your direct deposit will clear as soon as possible. Please do not call Member Services. This timing is required by federal tax law, and our representatives may not do anything to rush or change the situation. Instead, rely on Online Banking, Mobile Banking, and Phone Banking to stay up to date on which transactions have posted to your account.
- Understand that this timing is in compliance with federal law. To meet federal tax regulations,* you may not receive any 2021 earnings before January 1, 2021. Members accustomed to receiving their first-of-month paycheck earlier will not enjoy this regular perk. Directly deposited funds that usually would post to your account December 31, 2020 will instead be posted and available the morning of January 1, 2021.
- Be aware of holiday closures. Official holidays can mean a day off for every financial institution, including UFCU. Be sure to add getting your banking done early to your list of holiday preparations. Know when UFCU is closed for the holidays, and get tips for managing your finances during the holidays.
Please also know that we are closely monitoring the second stimulus package, recently approved by Congress. We understand the impact that these stimulus payments can have on your financial health. All economic impact payments received by UFCU have been posted to Member accounts. Your payment will appear in online or mobile banking under the descriptor ‘IRS TREAS 310.’ If you have not yet received a payment, visit IRS.gov for more information. Unfortunately, we do not yet have additional information about when the next round of payments will be issued, but please rest assured that we will post them to your accounts as soon as we receive them. Visit IRS.gov for more information. Thank you for your membership.
* UFCU does not provide tax or legal advice. For such guidance, please consult a tax and/or legal advisor.