Latest news with #DirectDeposit
Yahoo
5 days ago
- Business
- Yahoo
PNC Bank automates direct deposit switch for customers
PNC Bank is looking to increase its direct deposit market share by automating the payroll deposit switch process for consumers. The Pittsburgh-based national bank announced the launch of its new digital direct deposit manager on Tuesday. It gives PNC Bank customers the ability to automatically set up direct deposits for payroll, Social Security payments, gig work payouts or other regular income from the bank's mobile app. The upgraded deposit feature, referred to by the $554.7 billion-assets bank as PNC Direct Deposit, removes barriers to updating or changing the primary bank account for payroll deposits by combining the roles of the employer, the payroll provider and the bank into a single interface. PNC Bank built the feature through a partnership with the account-switching fintech Atomic, a company representative told American Banker. "This integrated direct deposit solution is just another example of how PNC is continuously enhancing and improving the client experience," Alex Overstrom, head of retail banking for PNC Bank, said in a statement. "By embedding direct deposit functions directly within the mobile app, our clients can seamlessly update and manage their direct deposit preferences without the hassle of filling out paperwork." In most cases PNC consumers using the direct deposit manager won't need to manually enter their routing and account numbers, which could reduce the risk of user errors and delays in receiving payments. The automated deposit switching feature covers about 85% of U.S. payees, according to a company representative. The bank still provides a manual direct deposit enrollment form option for any consumers whose employers aren't integrated into the PNC Direct Deposit platform. The bank previously offered this manual option for all users before launching its digital feature. Other account-switching fintechs such as Pinwheel and ClickSwitch have also been filling the direct deposit switching gap. Citizens Bank partnered with Pinwheel in 2023 to simplify payroll deposit switching for its customers as well. "Being our customers' primary bank is core to our relationship-oriented strategy, and the key to that is making it easy for our customers to manage their direct deposits," Overstrom said. "When we make it seamless for clients to choose PNC as their primary bank, they respond."
Yahoo
5 days ago
- Business
- Yahoo
PNC Bank Introduces New Digital Direct Deposit Manager
New PNC Mobile App functionality provides seamless client experience to manage direct deposit preferences PITTSBURGH, July 8, 2025 /PRNewswire/ -- PNC Bank today announced the launch of a new feature, PNC Direct Deposit, that provides clients with the ability to easily set up direct deposits for payroll, Social Security payments or other regular income, directly from the PNC Mobile app. "This integrated direct deposit solution is just another example of how PNC is continuously enhancing and improving the client experience," said Alex Overstrom, head of Retail Banking. "By embedding direct deposit functions directly within the mobile app, our clients can seamlessly update and manage their direct deposit preferences without the hassle of filling out paperwork and finding routing and account numbers." PNC Direct Deposit is an integrated experience offering clients a seamless and streamlined way to update or change their direct deposit preferences with just a few clicks – without the need to fill out forms or make phone calls. This new solution simplifies the traditional process of changing direct deposit preferences by bringing the employer, payroll provider and PNC into a single digital experience. The digital solution also removes the need for manual data entry of account numbers, reducing the risk of user errors and delays in receiving payments. "Being our customers' primary bank is core to our relationship-oriented strategy, and key to that is making it easy for our customers to manage their direct deposits. What we have seen since rolling out PNC Direct Deposit is that that when we make it seamless for clients to choose PNC as their primary bank, they respond. The momentum has just been incredible," said Overstrom. All PNC consumer clients have access to PNC Direct Deposit within the PNC Mobile app, for use with a PNC consumer checking or savings account. For more information, please visit PNC Bank, N.A., is a member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit CONTACT: Darby Rowe(717) View original content to download multimedia: SOURCE PNC Bank Sign in to access your portfolio
Business Wire
02-07-2025
- Business
- Business Wire
Nacha Supports Executive Order to Eliminate Federal Check Payments, Citing Cost Savings and Fraud Reduction
RESTON, Va.--(BUSINESS WIRE)--Nacha submitted formal comments in support of Executive Order 14247, 'Modernizing Payments To and From America's Bank Account,' applauding the Treasury Department's efforts to eliminate paper checks for federal disbursements and collections. The executive order, which directs a full transition to electronic payments by Sept. 30, 2025, for federal disbursements, aligns with long-standing Nacha priorities to enhance efficiency, security and inclusion in the payments system. 'The federal government has long been a leader in adopting electronic payments, and fully transitioning away from paper checks is a significant step that will benefit American consumers and businesses while saving the federal government money,' said Jane Larimer, President and CEO of Nacha. In 2024, the Treasury Department originated more than 1.86 billion ACH payments, moving more than $8.5 trillion through the ACH Network for purposes ranging from Social Security benefits and tax refunds to vendor and Medicare payments. The same year, the federal government issued approximately 36 million paper checks. Nacha's comments noted that if the Treasury Department had used ACH payments instead of checks, 'the direct savings to the federal government would have been over $68 million.' In its comment letter, Nacha emphasized that transitioning away from checks is more a matter of policy choices and implementation than technical readiness. With the widespread availability of no-cost bank accounts, mobile and online banking, prepaid cards and payment apps, Nacha urged the Treasury Department to minimize hardship exceptions that result in the continued use of paper checks. Nacha also noted that any person, business or organization that writes a check to the federal government has a bank account from which an electronic payment can be made. Other Nacha recommendations included: Expanding account validation to mitigate fraud and reduce improper payments. Leveraging existing banking information across federal agencies to streamline Direct Deposit enrollment. Shortening the Treasury's ACH credit settlement times, bringing it in line with standard ACH timing in the private sector. The full comments are available here. For more information on Direct Deposit and Direct Payment and the ACH Network, visit and About Nacha Nacha governs the thriving ACH Network, the payment system that drives safe, smart, and fast Direct Deposits and Direct Payments with the capability to reach all U.S. bank and credit union accounts. There were 33.6 billion ACH Network payments made in 2024, valued at $86.2 trillion. Through problem-solving and consensus-building among diverse payment industry stakeholders, Nacha advances innovation and interoperability in the payments system. Nacha develops rules and standards, provides industry solutions, and delivers education, accreditation, and advisory services.
Yahoo
26-05-2025
- Business
- Yahoo
When will I get my Social Security check? Payment schedule for 2025.
For the roughly 70 million retired Americans who receive a Social Security check each month, angst about future delivery delays is palpable these days. The Trump administration has made deep staffing cuts at the Social Security Administration, closed field offices, and made other service changes — and then backpedaled on some of those reforms — leaving many seniors on edge. This embedded content is not available in your region. In fact, worries about the program may be one reason there's been an uptick in new applications for initial benefits — with many people filing earlier than they had planned. Given the worry in the air, let's review when and how checks are delivered to you. If your sister has received her Social Security check this month, but you haven't, there's nothing to panic about. Payments are sent out in bundles based on birthdays, and for most people, they're electronically directly deposited into a federally insured bank account. By law, all federal benefit payments — including Social Security and Supplemental Security Income benefits — must be made electronically with few exceptions. Your monthly benefit is either sent via an electronic transfer into your bank account via Direct Deposit or put onto a Direct Express Debit Mastercard. If you're applying for Social Security or Supplemental Security Income benefits, you elect to receive your benefit payment in one of these methods electronically when you enroll. If you currently receive Social Security or Supplemental Security Income benefits by check, you are in the minority and may need to switch to an electronic payment option if possible. Learn more: What's the retirement age for Social Security, 401(k), and IRA withdrawals? As for the timing of your monthly check, if your birthday lands between the first and 10th, your payment is sent out on the second Wednesday of the month. If your birthday is between the 11th and 20th, you'll be paid on the third Wednesday. If your birthday hits between the 21st and 31st, your payment is sent on the fourth Wednesday. One caveat: If you receive spousal benefits or survivor benefits, your payment date is based on that person's birthday, not your birthday. For those who receive Supplemental Security Income (SSI) or Social Security Disability Insurance (SSDI), these deposits are made on the first of the month unless that date falls on a weekend or holiday, in which case they're sent early. Direct deposits typically appear by 9 a.m. on your payment day. If your payment is late, check with your bank or financial institution to see if there has been a posting delay for some reason. If you receive your benefits by paper check, it can take up to three business days to receive your benefit. If that doesn't happen, contact the SSA via phone at 1-800-772-1213, or online through your My Social Security account. Your My Social Security account is a free personalized portal where you can request a replacement Social Security card, check the status of a benefits application, estimate future benefits, or manage the benefits you already receive. You can set up an account even if you don't currently receive benefits. Confirm that the SSA has your correct bank information and address, and it's a good idea to sign up for SSA to notify you when the payment is sent out. Read more: How to find out your 2025 Social Security COLA increase You can apply to start your Social Security checks via your My Social Security account or make an appointment with an agent in person or by phone at 1-800-333-1795. You select the month you want your benefit to start in your application. After you apply, SSA will send you a letter confirming that your benefits are approved or if you need to provide more information. It typically takes at least a month to receive your first Social Security check after your application is processed. The precise timing of your payment delivery relies on processing times at the Social Security Administration, and staffing cuts and other backend tech disruptions are raising alarms right now. During an SSA operations meeting in April, an official from the agency reported that the field offices 'are struggling right now to keep pace with the timeliness this year.' That's why it's smart to apply up to four months before you want to start receiving benefits. As Jason Fichtner, executive director of the Retirement Income Institute who served in several positions at the Social Security Administration, warned in an interview: 'With SSA staff being reduced while the agency was already operating at insufficient support levels and computer systems in need of modernization, continued service delays and breakdowns are likely.' Kerry Hannon is a Senior Columnist at Yahoo Finance. She is a career and retirement strategist and the author of 14 books, including the forthcoming "Retirement Bites: A Gen X Guide to Securing Your Financial Future," "In Control at 50+: How to Succeed in the New World of Work" and "Never Too Old to Get Rich." Follow her on Bluesky.
