SAG-AFTRA is launching an automated residual payment process that will be available to its 160,000 members as of May 1, replacing paper residual checks. The union currently mails more than 10,000 paper checks a day.
The performers union first announced in 2017 that it had entered into a multiyear agreement with Exactuals, a Los Angeles-based payments software company, to deliver residual payments through direct deposit. SAG-AFTRA said Tuesday that it had put into place the infrastructure and run pilot programs nationwide to ensure that the process is secure and stable. Exactuals is part of City National Bank.
“SAG-AFTRA is very proud to be a leader in bringing this landmark process to fruition,” said SAG-AFTRA president Gabrielle Carteris. “The secure, efficient direct deposit of residuals is a remarkable achievement involving innovations and behind-the-scene changes to the industry’s status quo. It’s the latest in a series of initiatives the union is undertaking, modernizing how we work with our employers and service our members.”
SAG-AFTRA currently processes more than four million residual checks for 270,000 people per year. It said Tuesday that direct deposit payments of residuals will reduce the union’s carbon footprint by eliminating the need to mail paper checks, while providing members access to their residual statements 24/7 through the SAG-AFTRA website.