Q:

How long does direct deposit take?

A:

The time necessary to process direct deposits varies depending on the company sending the money and the bank receiving the deposit. Many companies send the electronic payment days before the actual payroll date, but this also varies by bank and company.

Generally, a new employee's initial direct deposit takes one pay period to take effect. For example, if a company issues paychecks on the 15th and 30th of the month, and an employee turns in his direct deposit information on the 12th of the month, the direct deposit is not likely to go into the bank until the 15th of the following month.


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