SAG-AFTRA celebrates one million direct deposits worth $200m to its members

By Emmanuel Legrand

US entertainment union SAG-AFTRA, which manages on behalf of its members residuals payments, has been switching gradually to a direct-payment system with payment-processing company Exactuals providing direct deposit of members’ residuals. At the end of September, SAG-AFTRA said it had processed over one million deposits, representing some $200 million in direct deposits, into members’ bank accounts since it launched the scheme nationally on May 1, 2019. 

  SAG-AFTRA said that for many performers, residuals "have been a lifeline, allowing them to weather these unprecedented times, while having payments securely deposited." SAG-AFTRA processes nearly 5 million residuals checks for 270,000 people per year and direct deposit will speed up the payments to members and reduce paperwork.

A secure system

  “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."

  Exactuals is an affiliate of US bank City National Bank, which acquired the company in 2018. It provides data management and payment services to studios or organisations such as SAG-AFTRA. “Studios and payroll companies are also seeing significant cost savings and increased efficiency as the industry moves to a paperless payment ecosystem," said Mike Hurst, CEO of Exactuals. "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.”