Monday, Jan. 2, 2017, is a banking holiday observed by the Federal Reserve and most financial institutions.
According to state law, Jan. 2 is considered the first working day following the December 2016 pay period, making it pay day for full-time employees paid on a monthly basis.
As a result, payroll paychecks (paper checks and direct deposits) will be dated Jan. 2, 2017. While direct deposit payments will be transmitted to financial institutions before and with the payment date of Jan. 2, those institutions are not required to post payments on the banking holiday. Consequently, some employees’ funds may not be available until Tuesday, Jan. 3.
Employees with direct deposit should check with their financial institutions to confirm when their funds will be available. This is especially important if the employee has established automatic withdrawals on Jan. 2.
If you have any questions please contact Employee Services at esc@utsystem.edu.
