Members’ Direct Deposit Residuals Total Nearly $200 Million
LOS ANGELES — SAG-AFTRA’s initiative with payment-processing company Exactuals to provide direct deposit of members’ residuals has been enormously successful, marking 1 million deposits. Under the system, nearly $200 million has been deposited directly into members’ bank accounts since it launched nationally on May 1, 2019.
It’s welcome news for many members who have had to cope with the shutdown of production due to the COVID-19 pandemic. For some performers, residuals have been a lifeline, allowing them to weather these unprecedented times, while having payments securely deposited.
“Direct deposit of residuals has been a huge success for SAG-AFTRA and our members,” said SAG-AFTRA President Gabrielle Carteris. “Ensuring consistent and rapid payment is a core function of the union, and direct deposit guarantees members get paid efficiently and securely, no matter where they are. Thank you to SAG-AFTRA National Executive Director David White for his vision on this critical member resource and to our staff who have worked so hard to make this vision real for our members every day.”
“This year has offered multiple challenges for our industry, from COVID-19 to postal service delays and the catastrophic wildfires up and down the West Coast,” said SAG-AFTRA National Director David White. “Direct deposit reduces the risk that payments are not received or could go uncashed and allows our members peace of mind, knowing that they will receive their residuals. We thank our terrific partners at Exactuals, who have made the process seamless.”
“City National has a long history of serving the entertainment industry, and direct deposit of residual payments is the latest example of our commitment to provide clients better, faster and more efficient service,” said Kelly Coffey, chief executive officer of City National Bank, which acquired Exactuals in 2018. “The benefits of direct deposit for payors and payees have never been clearer — especially during this unprecedented time. Powered by Exactuals’ PaymentHub and supported by City National Bank’s trusted infrastructure, SAG-AFTRA is able to confidently move millions of payments quickly, safely and securely. It also has increased efficiency for our clients in the business management community, allowing them to focus on their clients rather than spending time scanning and matching paper checks and statements. City National and Exactuals are proud to work with SAG-AFTRA on this landmark process.”
SAG-AFTRA processes nearly 5 million residuals checks for 270,000 people per year and led the efforts to make direct deposit of residuals a reality. The union joined forces with respected payment-processing firm Exactuals to create a secure and stable method for members to easily receive their residual payments. Members can learn more and sign up here: sagaftra.org/directdepositsignup.
“Direct deposit has provided environmental benefits as well, with more than 6 million sheets of paper eliminated from the process to date,” said Mike Hurst, CEO of Exactuals. “Studios and payroll companies are also seeing significant cost savings and increased efficiency as the industry moves to a paperless payment ecosystem. SAG-AFTRA has led the deployment of direct deposit for union members, and we are proud to report the system is scaled, secure and proven. This effort has truly been a win for all stakeholders in the industry.”