7-Day A Week Processing | Operating System Conversion

7 17 Credit Union Changes to Seven Day a Week Processing

Last updated on 5/4/2023

In an effort to move toward a real time payment landscape, 7 17 Credit Union is now processing all transactions seven days per week. Previously, we processed transactions five days per week.

What’s the difference?
Here’s a comparison on how your transactions will post with the welcoming of our new operating system:

		Effective 5/1/23
	5-day processing	7-day processing
Monday –Friday	Business Day	Business Day
Saturday	Non Business Day	Business Day
Sunday	Non Business Day	Business Day
Holidays	Non Business Day	Business Day

How does this affect me?
Seven day a week processing is consistent with our move toward real time processing. Under seven day a week processing, if members conduct a transaction on Saturday, the posting date and effective date of the transaction will also be Saturday – the same business day. Previously, the posting date would have been Monday.

Changes related to payroll

Effective May 1, 2023, 7 17 will post payroll one day in advance every day of the week since we must close the credit union and open for the next calendar day – whether it is a weekend, a holiday, or a business day.

Prior to May 1, 2023, payrolls that were scheduled for a weekend (Sat. or Sun.) or even Monday of the following week had their payroll post to the accounts on a Friday night. This practice will no longer be the case.

Under seven day a week processing, payroll will more closely reflect your actual payroll date.

Automatic transfers

In the past, we processed automatic transfers (savings to savings and loan payments) on Monday morning for Saturday and Sunday due dates. Now these transfers will process each evening. If the funds are not available, the transfer will continue trying for 30 calendar days.

Previously, our savings to savings transfers only occurred once, meaning we did not try to make the transfer again if the funds were not available. To reiterate, under our new operating system, the system will attempt the transfer for up to 30 days looking for the available funds to complete the transfer. Once the transfer is successfully completed, the 30 day window to completing the transfer ends, but could be restarted if there is a similar situation for the next scheduled transfer.