Overview

Payments via LaborAid happen in two stages. First, an ACH transaction moves money from your business account to your settlement account in Core Bank. Second, the funds are either ACH deposited to the beneficiary or mailed (if the beneficiary has not provided their ACH information to us).

For incoming ACH deposits to settlement accounts (stage 1), for transactions less than or equal to $1,000,000, we are able to submit the transaction with same-day timing. For transactions over this amount, the transaction will not settle until the following business day.

 There is a two business-day hold before we're able to distribute the funds. This hold is a bank requirement and allows time to confirm that the ACH is not returned .

For stage 2, we send payments as soon as they are available in your settlement account.

Example timelines for ACH:

For a remittance total payment of $1,000,000 or less:

1. You submit your remittance at 3:58 PM ET on Monday

2. Funds are held Monday and Tuesday

3. Funds are deposited via ACH to the beneficiaries on Wednesday around 1 pm ET

For a remittance total payment of more than $1,000,000:

1. You submit your remittance at 3:58 PM ET on Monday

2. Funds are held Tuesday and Wednesday

3. Funds are deposited via ACH to the beneficiaries on Thursday around 1 pm ET

Example timelines for mailed checks: