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Direct Deposit Questions

Answers

How does my company get started?

For payroll direct deposit, your payroll software probably has the ability to create a computer data file. The Automatic Clearing House file and record information format is an industry standard. So, it's just a few more keystrokes on the computer. You send the file to the bank and the bank does the rest. Contact your financial institution to get started.

Why would our employees want our company to do this?

Employees' paychecks are automatically deposited into their accounts on payday. They don't have to wait in line at the bank and their paychecks can't be lost or stolen. They also don't have to wait a couple of days before having access to their money, as they might with manually deposited checks. The funds are available that day when the bank opens for business.

Can employees' checks be deposited in any account?

Your company can directly deposit pay in most accounts. There may be a few institutions that don't accept direct deposit.

How do employees sign up once we get the service started?

Employees need to complete a direct deposit agreement and attach a voided check. Your financial institution can provide you with sample forms and the information needed.

Can employees be compelled to sign up for direct deposit?

Mandatory direct deposit is permitted only in some states. Check with your state labor department to find out what the law is.

How do employees know their money has been deposited?

On payday, your company provides employees with a pay voucher. They also see their deposits on their bank statements.

What if employees change their minds and no longer want direct deposit?

Your company has total control and your employees can cancel at any time allowed by you.

Questions?
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