On Monday, May 1, the FDIC accepted a bid from JPMorgan Chase (JPMC) to take over First Republic Bank. As announced by the FDIC and JPMC, as of May 1, all depositors of First Republic Bank are now depositors of JPMC and have full access to their funds. First Republic Bank was not an operating bank for ADP; however, we know this may impact you and your employees.
If you funded payroll via First Republic Bank and have a pending transaction with ADP, or you are preparing for an upcoming payroll, you do not need to take any action. All processing of your payroll and/or tax filing will remain the same.
While action is not needed at this time, we are ready to provide you with any support you may need to navigate this change.
Yes, we are processing payrolls for clients who banked with First Republic Bank. At this time, we are maintaining our standard business operations as all processing of payroll and tax filing for clients who banked with First Republic Bank, now JPMorgan Chase, will remain the same.
As a matter of policy, ADP does not advise clients regarding which financial institutions they should use, and we have a longstanding history of working with global, national, and regional banks.
Additionally, as announced by the FDIC and JPMC, as of May 1, all depositors of First Republic Bank are now depositors of JPMC and have full access to their funds. Therefore, you do not need to take any action. All processing of your payroll and/or tax filing will remain the same.
There is a heightened threat of social engineering attempts as a result of recent banking events. Some clients have received fraudulent emails appearing to come from companies that have been impacted by recent bank changes. These emails may request your credentials, personal identifiable information, and updates to bank information to “ensure smooth continuation of payment services.”
It’s important to be alert for this fraudulent email and follow the instructions below to report it to ADP if you receive any suspicious email:
To learn more, please visit ADP’s Security page here.
Yes, we are processing direct deposits to your account as directed by you or your employer. For any other questions regarding your bank account, please contact JPMorgan Chase directly.
If you need to change your direct deposit election from First Republic Bank to another bank, please reach out directly to your payroll administrator for assistance.
At this time, ADP is maintaining our standard business operations and all processing of payroll and tax filing for clients who banked with First Republic Bank, now JPMorgan Chase, will remain the same.
Additional Resources / FAQs
We are continuing to monitor this fluid situation and have robust Business Resiliency measures in place, including a sophisticated banking infrastructure that includes our use of over a dozen nationally-recognized banks, to maintain business operations while providing unwavering support to our clients where needed..
ADP has demonstrated our steadfast commitment to our clients in other emergency situations, and we will continue to use every effort to do so. ADP’s credit ratings are AA- / Aa3 / AA- from Standard & Poor’s® and Moody’s® and Fitch, the strongest in the HCM industry. Additionally, we have a robust, global, integrated Business Resiliency Program in place to help maintain business operations for more than one million clients. Please find additional information here.
