Important Changes
to your Incoming Electronic Deposits Q&A

Beginning in March 17, 2014, any incoming automatic deposits to Sb1 (including your payroll) will be posted according to their effective date or true pay date. Deposits will no longer be posted early into accounts. 

  1. Why is Sb1 making this change?

    We realize we have posted incoming electronic deposits (including payrolls) early for years.  Sb1 truly does not have the funds until the actual effective date of the deposit. Therefore to mitigate risks to both you and Sb1, we will be posting incoming electronic deposits according to the true effective date of the deposit starting March 1st.



  2. What type of incoming electronic deposits does this effect?

    This effects deposits such as payroll, Social Security, pension &/or any other automatic electronic deposit you receive.  For example, if your true pay date is Friday, your pay will now post on Friday, not Thursday as you may have seen in the past.

    Also, if you have any automatic payments or scheduled transfers (including BillPay) set up within Netbanker, you will need to ensure that they are scheduled on the correct date IF based on your payroll deposits. Be sure to check which date you have them scheduled and that they are based on your effective automatic deposit/true pay date.



  3. Where would I find the effective date of a deposit?

    ~Visit Netbanker to view the transaction history. The effective date will be listed in the deposit history.

    ~Contact your HR department or the company who sent the deposit to find out the effective date. 

  4. When is this change taking place?

    This change will go into effect March 17th



  5. What can I do to prepare for this change?

    You can plan ahead knowing this change is occurring. We are more than happy to assist you in making this transition as easy as possible.   

    Don’t forget… if you have any automatic payments or scheduled transfers (including BillPay) set up within Netbanker, you will need to ensure that they are scheduled on the correct date IF based on your payroll deposits. Be sure to check which date you have them scheduled and that they are based on your effective automatic deposit/true pay date.