diff --git a/changelog/update-7900-payout-notice b/changelog/update-7900-payout-notice
new file mode 100644
index 00000000000..4a49df73e41
--- /dev/null
+++ b/changelog/update-7900-payout-notice
@@ -0,0 +1,4 @@
+Significance: minor
+Type: update
+
+Remove payout timing notice and update the help tooltil on Payments Overview page.
diff --git a/client/components/deposits-overview/deposit-notices.tsx b/client/components/deposits-overview/deposit-notices.tsx
index 281785fc60a..7a65a9a8e6f 100644
--- a/client/components/deposits-overview/deposit-notices.tsx
+++ b/client/components/deposits-overview/deposit-notices.tsx
@@ -5,7 +5,6 @@ import React from 'react';
 import { __, sprintf } from '@wordpress/i18n';
 import interpolateComponents from '@automattic/interpolate-components';
 import { Link } from '@woocommerce/components';
-import { tip } from '@wordpress/icons';
 import { ExternalLink } from '@wordpress/components';
 import { addQueryArgs } from '@wordpress/url';
 
@@ -104,22 +103,6 @@ export const NewAccountWaitingPeriodNotice: React.FC = () => (
 	</InlineNotice>
 );
 
-/**
- * Renders a notice informing the user of the number of days it may take for deposits to appear in their bank account.
- */
-export const DepositTransitDaysNotice: React.FC = () => (
-	<InlineNotice
-		icon={ tip }
-		isDismissible={ false }
-		className="wcpay-deposit-transit-days-notice"
-	>
-		{ __(
-			'It may take 1-3 business days for payouts to reach your bank account.',
-			'woocommerce-payments'
-		) }
-	</InlineNotice>
-);
-
 /**
  * Renders a notice informing the user that their deposits may be paused due to a negative balance.
  */
diff --git a/client/components/deposits-overview/deposit-schedule.tsx b/client/components/deposits-overview/deposit-schedule.tsx
index c463dfa335f..11221606544 100644
--- a/client/components/deposits-overview/deposit-schedule.tsx
+++ b/client/components/deposits-overview/deposit-schedule.tsx
@@ -118,72 +118,24 @@ const DepositSchedule: React.FC< DepositScheduleProps > = ( {
 
 	const nextDepositHelpContent = (
 		<>
-			{ __(
-				'Payouts are initiated based on the following criteria:',
-				'woocommerce-payments'
-			) }
-			<ul>
-				<li>
-					{ interpolateComponents( {
-						mixedString: __(
-							'The {{link}}pending period{{/link}} in your country',
-							'woocommerce-payments'
-						),
-						components: {
-							link: (
-								// eslint-disable-next-line jsx-a11y/anchor-has-content
-								<a
-									rel="external noopener noreferrer"
-									target="_blank"
-									href={
-										'https://woocommerce.com/document/woopayments/payouts/payout-schedule/#pending-period-chart'
-									}
-								/>
-							),
-						},
-					} ) }
-				</li>
-				<li>
-					{ interpolateComponents( {
-						mixedString: __(
-							"Your account's {{link}}available funds{{/link}}",
-							'woocommerce-payments'
-						),
-						components: {
-							link: (
-								// eslint-disable-next-line jsx-a11y/anchor-has-content
-								<a
-									rel="external noopener noreferrer"
-									target="_blank"
-									href={
-										'https://woocommerce.com/document/woopayments/payouts/payout-schedule/#available-funds'
-									}
-								/>
-							),
-						},
-					} ) }
-				</li>
-				<li>
-					{ interpolateComponents( {
-						mixedString: __(
-							'Your {{link}}payout schedule{{/link}} settings',
-							'woocommerce-payments'
-						),
-						components: {
-							link: (
-								// eslint-disable-next-line jsx-a11y/anchor-has-content
-								<a
-									rel="external noopener noreferrer"
-									target="_blank"
-									href={
-										'https://woocommerce.com/document/woopayments/payouts/change-payout-schedule/'
-									}
-								/>
-							),
-						},
-					} ) }
-				</li>
-			</ul>
+			{ interpolateComponents( {
+				mixedString: __(
+					'The timing and amount of your payouts may vary due to several factors. Check out our {{link}}payout schedule guide{{/link}} for details.',
+					'woocommerce-payments'
+				),
+				components: {
+					link: (
+						// eslint-disable-next-line jsx-a11y/anchor-has-content
+						<a
+							rel="external noopener noreferrer"
+							target="_blank"
+							href={
+								'https://woocommerce.com/document/woopayments/payouts/payout-schedule/'
+							}
+						/>
+					),
+				},
+			} ) }
 		</>
 	);
 
diff --git a/client/components/deposits-overview/index.tsx b/client/components/deposits-overview/index.tsx
index 11c0b3aa023..c00eca0f953 100644
--- a/client/components/deposits-overview/index.tsx
+++ b/client/components/deposits-overview/index.tsx
@@ -24,7 +24,6 @@ import RecentDepositsList from './recent-deposits-list';
 import DepositSchedule from './deposit-schedule';
 import {
 	DepositMinimumBalanceNotice,
-	DepositTransitDaysNotice,
 	NegativeBalanceDepositsPausedNotice,
 	NewAccountWaitingPeriodNotice,
 	NoFundsAvailableForDepositNotice,
@@ -149,11 +148,6 @@ const DepositsOverview: React.FC = () => {
 					<SuspendedDepositNotice />
 				) : (
 					<>
-						{ isDepositsUnrestricted &&
-							! isDepositAwaitingPendingFunds &&
-							! hasErroredExternalAccount && (
-								<DepositTransitDaysNotice />
-							) }
 						{ ! hasCompletedWaitingPeriod && (
 							<NewAccountWaitingPeriodNotice />
 						) }
diff --git a/client/components/deposits-overview/test/__snapshots__/index.tsx.snap b/client/components/deposits-overview/test/__snapshots__/index.tsx.snap
index ac1ac4c69ca..f80d3f68edf 100644
--- a/client/components/deposits-overview/test/__snapshots__/index.tsx.snap
+++ b/client/components/deposits-overview/test/__snapshots__/index.tsx.snap
@@ -138,50 +138,7 @@ exports[`Deposits Overview information Component Renders 1`] = `
         class="components-card__body components-card-body wcpay-deposits-overview__notices__container css-1nwhnu3-View-Body-borderRadius-medium em57xhy0"
         data-wp-c16t="true"
         data-wp-component="CardBody"
-      >
-        <div
-          class="wcpay-inline-notice wcpay-inline-undefined-notice wcpay-deposit-transit-days-notice components-notice is-info"
-        >
-          <div
-            class="components-notice__content"
-          >
-            <div
-              class="components-flex css-bmzg3m-View-Flex-sx-Base-sx-Items-ItemsRow em57xhy0"
-              data-wp-c16t="true"
-              data-wp-component="Flex"
-            >
-              <div
-                class="components-flex-item wcpay-inline-notice__icon wcpay-inline-undefined-notice__icon css-mw3lhz-View-Item-sx-Base em57xhy0"
-                data-wp-c16t="true"
-                data-wp-component="FlexItem"
-              >
-                <svg
-                  aria-hidden="true"
-                  focusable="false"
-                  height="24"
-                  viewBox="0 0 24 24"
-                  width="24"
-                  xmlns="http://www.w3.org/2000/svg"
-                >
-                  <path
-                    d="M12 15.8c-3.7 0-6.8-3-6.8-6.8s3-6.8 6.8-6.8c3.7 0 6.8 3 6.8 6.8s-3.1 6.8-6.8 6.8zm0-12C9.1 3.8 6.8 6.1 6.8 9s2.4 5.2 5.2 5.2c2.9 0 5.2-2.4 5.2-5.2S14.9 3.8 12 3.8zM8 17.5h8V19H8zM10 20.5h4V22h-4z"
-                  />
-                </svg>
-              </div>
-              <div
-                class="components-flex-item wcpay-inline-notice__content wcpay-inline-undefined-notice__content css-mw3lhz-View-Item-sx-Base em57xhy0"
-                data-wp-c16t="true"
-                data-wp-component="FlexItem"
-              >
-                It may take 1-3 business days for payouts to reach your bank account.
-              </div>
-            </div>
-            <div
-              class="components-notice__actions"
-            />
-          </div>
-        </div>
-      </div>
+      />
       <div
         class="components-card__body components-card-body wcpay-deposits-overview__heading css-1nwhnu3-View-Body-borderRadius-medium em57xhy0"
         data-wp-c16t="true"