Actors’ residuals checks soon might be a thing of the past. Starting later this year, SAG-AFTRA will begin offering its members electronic delivery of residuals directly to their personal bank accounts. The union’s residuals department currently processes more than 1.5 million paper checks each year.
In an agreement announced today by the union, processing of funds will be handled by Exactuals, an L.A.-based payments software company, through City National Bank, which will electronically transfer funds to member accounts at any checking account at a domestic bank. The service will be free of charge to SAG-AFTRA members.
“This long-overdue electronic delivery system will improve the efficiency of residuals processing and deliver payments to members quicker and more conveniently,” said Valery Kotik, the union’s national director of residuals processing.
Enrollment in the program will be initiated through the union’s website and rolled out in the coming months. Residuals statements will be available online through the direct deposit portal, where members can see the full history of deposits, along with residuals statements and images of the check stubs.
“Our members asked for the direct deposit of residuals, and we have heard them loud and clear,” said SAG-AFTRA President Gabrielle Carteris. “We have long been in discussions with employers to make this happen and are delighted to announce this partnership.”
Said SAG-AFTRA national executive director David White: “Our team has worked with Exactuals and other institutional partners on this initiative for years and I am thrilled now to roll this out to our membership and the industry. This represents a tremendous innovation for our industry.”