On 10/23/19, our ACH processor, Cachet Financial, notified us of a service disruption in their system affecting ACH transactions received after 3:30 PM PST that day. They then confirmed on 10/25/19 that they had ceased all ACH transactions for all their clients, which includes Ubiquity clients.
The specific Payroll files that require a check or wire are any files submitted between 10/23/2019 and 11/25/2019 before 3:00 pm PST. To view these files, after logging in to your account, just go to:
- Payroll link in the main left menu
- Select History
- Look for files submit during this time marked AWAITING
If you have sent a check or wire to the custodian, it will take 1-2 days from the date of receipt to verify the deposit and apply it to your plan. Checks sent via USPS may take 10-15 business days to be received and posted to your account.
You will find Deposit Instructions in your account:
- On the left navigation menu, go to 401(k), then select Overview
- Scroll to the bottom of the page and in the Plan Documents section, click on Deposit Instructions to see your specific account number to reference with your check or wire
To view the payroll status for any contributions, go to the Payroll link in the main left menu, then select History.
Payroll status “Awaiting” means the payroll is awaiting funding. After the funds have been received and verified the status will be updated to “Funded”. When trades have been completed, the payroll will show as “Processed”.
If you have sent a check or wire to the custodian, it will take 1-2 business days from the date of receipt to verify the deposit and apply it to your plan. Checks sent via USPS may take 10-15 business days to be received and post to your account.
If you think your contribution should have already been received, please contact us at support@myubiquity.com or at 855.401.4357 option 1.
Effective 11/25/2019 after 3:00 pm PST your contribution submissions will be funded via ACH, if you have an ACH funding account on file.
If you had an ACH funding method elected prior to the ACH suspension and have not made any changes during this time, funds will come from the same account you had on file.
The link to the funding account can be accessed from the main menu on the left side of the home page: Select 401(k), then Funding Account.
Notification emails were sent to the primary plan sponsor on record for any contributions submitted between 10/23/19 and 10/29/19. If you or your payroll provider submitted a contribution after this date, you should have received a contribution confirmation with the subject, “Action Required: Your Recent Payroll Submission” notifying you of your next steps.
Kotapay is our new ACH processor. You will be contacted via email within the next 12 months requesting a KotaPay e-contract to be completed.
All of the provider’s fees, except NSF fees (nonsufficient funds), are paid by Ubiquity. Clients will not pay any fees to the new provider.
We have reported this issue to the Department of Labor (DOL). We are currently engaged in ongoing communications with the DOL to obtain confirmation that the late interest penalties will not be enforced. In the interim, we have been advised that under the circumstances, your payroll deposits will not be considered late. If you have over 120 employees and your plan is subject to an independent annual audit, Ubiquity is happy to communicate with your auditors to ensure that the circumstances are considered and understood by all parties.
If you have a protection feature on your account to prevent unauthorized transactions from being debited, the ACH request from Kotapay may not immediately be recognized by your bank as an authorized party to your account. Please update your bank as soon as possible.
To prevent the ACH transaction from rejecting, your bank must have the following information by 3:00 pm PST on the day you submit your first contribution file:
Legal Name: Kotapay
10 digit ACH ID: 1 + Your Company’s 9-digit EIN Number
If you have any additional questions, please contact us at support@myubiquity.com or at 855.401.4357, option 1.