As you are aware, two banks have failed, and a handful more are on our internal "watch list". To keep you apprised of this ongoing situation, we will be updating this KB as needed with information as it becomes available.
Affected accounts are temporarily required to wire funds to the appropriate direct deposit account, so we can ensure no delays occur in completing payroll deposits. PayNW will not be charging wire fees associated with these transactions. At present, 8 clients are affected by this requirement.
Notes:
- PayNW does not bank with the impacted banks. The banks we work with directly are reassuring clients of their stability.
- Wiring funds will ensure that any bank failures between the time of payroll processing and payroll deposits will not have an impact on employees.
- We know this adds an extra step to payroll processing. It is a necessary precaution.
- We do not know how long this requirement will be in place, but we will maintain the attached document with updates.
Please see attached for bank updates and affected clients.