Ceridian National Trust Bank authorized to open by OCC

Ceridian announced that the Office of Comptroller of the Currency has authorized the Ceridian National Trust Bank to open on January 3, 2023. Effective on this day, the Ceridian National Trust Bank commenced banking operations, acting as trustee for Ceridian’s U.S. payroll trust. Historically, certain aspects of Ceridian’s U.S. client money movement activity have been subject to regulation at both the federal and individual state levels with resulting inherent complexity across multiple jurisdictions. With the establishment of the Ceridian National Trust Bank, regulatory oversight will now be under the OCC, a single federal government agency. Ceridian’s payroll trust structure will continue to benefit Ceridian customers by providing bankruptcy-remoteness protection for client funds pending remittance to employees of our clients, tax authorities, and other payees.