Answers about Funds Availability

My employer pays me via direct deposit. When are those funds required to be available?

The bank must make the funds available on the next business day following the receipt of the electronic payment.

An electronic payment is received when the bank receives both:

  • The payment in collected funds; and
  • Information on the account and amount to be credited.

You may want to review the Account Agreement you received when you opened the account. It should contain information on the availability schedule.

August 2010