If you pay your team by direct deposit, you’ll need to run payroll by 7:00 p.m. EST at least four (4) business days before payday.
For example, if you want your team to receive their paychecks on Friday, April 17, you will need to run payroll by 7:00 p.m. on Monday, April 13.
Do holidays affect when I need to initiate direct deposit?
Yes, you will need to run payroll earlier if there’s a holiday.
- If there’s a banking holiday between the time you would typically run payroll and payday, you will need to run payroll one business day early.
- If your payday falls on a holiday, you’ll typically need to pay your team early.
When are the banking holidays?
There are typically 10 banking holidays that could affect your payroll runs.
Holiday |
2020 |
2021 |
2022 |
2023 |
2024 |
New Year’s Day |
Wednesday, Jan 1 |
Friday, Jan. 1 |
*No holiday |
**Monday, Jan. 2 |
Monday, Jan. 1 |
Martin Luther King Jr. Day |
Monday, Jan. 20 |
Monday, Jan. 18 |
Monday, Jan. 17 |
Monday, Jan. 16 |
Monday, Jan. 15 |
Presidents Day |
Monday, Feb. 17 |
Monday, Feb. 15 |
Monday, Feb. 21 |
Monday, Feb. 20 |
Monday, Feb. 19 |
Memorial Day |
Monday, May 25 |
Monday, May 31 |
Monday, May 30 |
Monday, May 29 |
Monday, May 27 |
Independence Day |
*No holiday |
**Monday, Jul. 5 |
Monday, Jul. 4 |
Tuesday, Jul. 4 |
Thursday, Jul. 4 |
Labor Day |
Monday, Sep. 7 |
Monday, Sep. 6 |
Monday, Sep. 5 |
Monday, Sep. 4 |
Monday, Sep. 2 |
Columbus Day |
Monday, Oct. 12 |
Monday, Oct. 11 |
Monday, Oct. 10 |
Monday, Oct. 9 |
Monday, Oct. 14 |
Veterans Day |
Wednesday, Nov. 11 |
Thursday, Nov. 11 |
Friday, Nov. 11 |
*No holiday |
Monday, Nov. 11 |
Thanksgiving Day |
Thursday, Nov. 26 |
Thursday, Nov. 25 |
Thursday, Nov. 24 |
Thursday, Nov. 23 |
Thursday, Nov. 28 |
Christmas Day |
Friday, Dec. 25 |
*No holiday |
**Monday, Dec. 26 |
Monday, Dec. 25 |
Wednesday, Dec. 25 |
*If the holiday falls on a Saturday, banks will be open the preceding Friday.
**If the holiday falls on a Sunday, banks will be closed the following Monday.
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