Holiday bank closures will impact timelines for your employees to receive direct deposit. Below, we’ve listed the dates that banks will be closed in Canada and the United States so you can plan ahead.
Why can’t my employees get paid on holidays?
Wave can only facilitate movement between your bank account and your employees' bank accounts on business days. The direct deposit process normally takes four business days, but any holidays in the interim will extend that timeline. Since the holidays below are not considered business days, instructions sent to your bank and your employees' banks will not be posted until the banks have re-opened.
As an example of how this would affect you, let's say you were expecting your employee's pay to be deposited on Labour Day, which falls on Monday, September 3rd:
If the transaction was processed before 5pm on Thursday, August 30th, it would deposit on Tuesday, September 4th.
If it was processed before 5pm on Friday, August 31st, it would deposit on Wednesday, September 5th.
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