Hi DorisB,
Completely understand why you’d want more clarity around where the funds sit during that gap. MYOB does not receive or hold the funds in this process. The clearing house debits the payment and then sends it on to the super funds. If an employer authorises the super payment on payday before the 4pm AET direct debit cut-off, the standard timing is:
After the money has left the employer’s bank account, there can still be a gap before it appears in the member’s super account while those steps are happening in the background. You can also check this Community Forum post for more detail on the payment timeframe.
Cheers,
Doreen
Thanks, Doreen.
Hi Doreen,
You mentioned 3-5 days through the Clearing House - who is that for MYOB users, please?
The distribution of payments through the Clearing House should be a straight-forward electronic onforwarding as all the relevant details for both the super fund and member account must be in place before any super payment is able to be sent and authorised through MYOB.
In this instance the employer's account was charged on 6th July, the super fund didn't receive the payment until 10th July, thus the funds were sitting with presumably the clearing house for 3 - 4 days. This is a long time for the clearing house to be hanging onto funds considering all transactions are electronic with all details provided and should, like online banking, be a straightforward same-day transaction.
Please advise the clearing house details. Thank you.
