When do I have to approve payroll by if I am using direct deposit?
The funding timeline is typically three business days from the date you approve the payroll if you approve it before 3:00 PM Eastern. For example, if you want your employees to be paid on Friday, you must approve the payroll on Tuesday before 3:00 PM Eastern.
If there are bank holidays between the date of approval and payday, the timeline will be affected. Learn how bank holidays affect payroll direct deposit timelines.
What if I don’t approve my payroll on time?
If you don’t approve your payroll in time for your expected payday, pay your employees outside of Wave. To ensure the payroll's information is recorded in Wave, turn off direct deposit for each employee. Next, approve your payroll using an updated pay date. This can be the current or future date. Finally, transfer the funds to your employees outside of Wave.
Approving the payroll in Wave ensures that there are no external adjustments needed and avoids issues with timely tax payments and filing records.
If you are unable to pay employees outside of Wave, you can reach out to our Support Team to ask about expediting the direct deposit. We cannot guarantee that the payroll can be expedited. To request this, open Mave, Wave’s automated chatbot, and type human support payroll expedite, then provide the pay period dates.
When can I change my funding account?
You can change your funding account, the bank account where the payroll withdrawal is made, at any time. However, if there is an approved payroll being processed, the funding account update will only apply to future payrolls.
How do I add my funding account when I can't find my bank?
If the bank you are trying to add is not available, it is not currently supported by Plaid. Instead, add your bank account manually.
Entering your details manually is only an option for Wave's payroll and payment features, and can’t be used to import transactions. To add transactions manually into Wave, use Wave Connect or upload statements instead.
Is my information secure?
The security of your information is important to us. Rest assured that your direct deposit information is protected by our security policy.