Holiday bank closures will impact timelines for your employees to receive direct deposit.
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 three business days. Remember that bank holidays are not considered business days, so the deadline to approve your payroll will be earlier than it normally is if there is a bank holiday that falls on your selected payday or the 3 days before it. This is because direct deposit 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 normally pay your employees on Monday. For the payday that falls on Labor Day (a Monday):
If the payroll is approved before 3 pm Eastern Time on the Tuesday before Labor Day, employee funds will deposit the Friday before Labor Day.
If the payroll is approved after 3 pm Eastern Time on Tuesday on the Tuesday before Labor Day, the earliest direct deposit payday that you can select is the Tuesday after Labor Day. If you select an earlier payday, you'll be asked to confirm that you are going to issue pay by check, or select a later day.
Stay on top of upcoming holidays
Log into your Wave account and click Payroll > Run Payroll. Under Important dates you'll see a list of upcoming bank closures.