When Does Intuit Deposit Funds?
The funds are usually deposited into each of your employee’s accounts on the date that’s indicated on the paycheck. The availability of these funds will largely depend on the employee’s bank. This would mean that Intuit does not have control over when the direct deposit will be posted. Generally, if the paycheck date happens to be a non-banking day, the direct deposit will be made available on the subsequent banking day. However, do note that the bank will usually have only until 11:59 pm PT for the funds to be made accessible from the employee’s bank account.
If your concern is about credit card payments, keep in mind that Intuit does submit them by batches. Intuit also submits credit card payments on a daily basis at 3:00 pm PST. Generally, these funds will be received by the deposit bank account within a period of 2-3 business days. But, please note that this waiting period varies depending on several factors. These include the exact time when the transactions are entered and the processing days of the financial institution where the funds are being deposited. The waiting period may also depend on the bank’s policies pertaining to the verification and processing of electronic deposits. Moreover, weekends and federal holidays can also affect the number of days before the funds will be posted.
For ACH deposits, it will usually take one week or ten business days. Those who are not able to receive their funds within the given waiting period should contact the QuickBooks Payments Support. This way, Quickbooks support team will help users check their deposit or credit card payment status. If delays take longer than usual, Intuit users should not hesitate to contact their Merchant Services team so that their accounts will be reviewed and investigated. This way, Intuit users will be informed right away as to what causes the delay and take the necessary actions immediately.
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