December 13, 2021
Understand End-of-Year Deposit Delays
Are you expecting a direct deposit to post 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 month), here’s what you need to know and do:
- Rest assured that your direct deposit will post as soon as possible. Please do not call Member Services. This timing is required by federal tax law*, and our representatives cannot 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 2022 earnings before January 1, 2022. 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 prior to the end of the month will instead be posted and available the morning of January 1, 2022.
- 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.
* UFCU does not provide tax or legal advice. For such guidance, please consult a tax and/or legal advisor.