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Payroll & Pension Deposits to be Posted Early When Paydate Falls on a Holiday Monday/Tuesday

June 28, 2017 | Our Members, President's Blog. Share this article: SharePayroll & Pension Deposits to be Posted Early When Paydate Falls on a Holiday Monday/Tuesday on Facebook Share Payroll & Pension Deposits to be Posted Early When Paydate Falls on a Holiday Monday/Tuesday on Twitter

Dear Members,

Change of any kind can be a challenge. We thank you for your patience over the past several months as we worked through some challenges and changes with our systems.  After Memorial Day weekend, we received some emails and phone messages concerning the City of Cincinnati direct deposits not being available the weekend prior.  On our old system, when a Monday or Tuesday payroll fell on the same week as a long holiday weekend, we posted those payroll deposits to your accounts early — on the Saturday before the holiday.  When Memorial Day rolled around this year after we had moved to our new system, the direct deposits were posted on their regularly scheduled day of Tuesday. We understand that this was an unexpected change for many of you.

In response to your requests, we will now deposit all payroll and pension deposits on the preceding Saturday when the regular pay date would fall on a Federal Holiday Monday or Tuesday. You will now have access to these funds on Saturday and throughout the weekend.*

Because we must post these direct deposits using a different process than normal, please be aware that certain payments or transfers associated with these direct deposits may not occur on Saturday, but will be transferred at the end of the day on the normally scheduled payment/transfer date. We ask that you please remember to leave sufficient funds in your account(s) to cover these loan payments/transfers.

We are happy to make this change to serve you, and we invite you to bring your concerns and ideas on how we can better serve you to our attention. We want to hear from you; it helps us craft the credit union to YOUR needs and wants.

As always, thank you again for your continued loyalty and membership.

Barbara Harper, President

 

*This is dependent upon ACH transmitter’s sending of file. If COPFCU has not received the deposit file by Friday at 5:00pm, the deposits cannot be posted early.

A credit Union for the Public Sector - serving our members competitive rates since 1935.