NFC Payroll Calendar 2023 – The National Finance Center (NFC) manages payroll transactions for approximately 650,000 employees twice a week for the federal government. In rare circumstances, the biweekly payroll schedule change to meet clients’ needs and ensure employees are paid during payroll processing weeks with little payroll processing.
The Department of Treasury’s official payment date of record is the Thursday after NFC’s biweekly payroll processing. The payout, however, becomes effective the Monday after NFC’s biweekly payroll processing. To encourage employee involvement in Direct Deposit, the settlement date for all Direct Deposit payments was changed to the Monday after completing the PAYROLL process.
Financial institutions frequently deposit cash into an employee’s account early and post them as “pending” or “memo posting” activities with a Monday settlement date. Some financial institutions provide this advance posting to personal bank accounts, but not all.
NFC consumers should not rely on their financial institution to send a courteous “memo post” on Saturday informing them of their Direct Deposit wage payment. The actual final payment for direct deposit transactions is the first business day after the payroll processing weekend. Financial institutions are not required by law to post funds before the payment date. (Source)
Payroll is Important
Being paid for the work done is the foundation of the employer/employee relationship. It is an almost entirely implicit expectation (imagine, for instance, asking during a job interview if you will be paid accurately and on time) until something goes wrong when the whole report is in danger. Therefore, the payroll is essential. But it’s also stressful, time-consuming, a bit complicated, and never-ending. Even small compensation errors create massive headaches, and the largest can lead to severe legal and financial problems with employees or the government. However, despite its critical nature, even basic knowledge about payroll is relatively scarce outside the groups or individuals who deal with payments.