ADVANTAGES TO DIRECT DEPOSIT
This article was written by Mary Duke: Payroll Supervisor, Workforce Solutions, Inc.
Advantages
- It saves time by giving you easy access to your pay without waiting in line to cash or deposit a check.
- You will receive your pay on pay day, even if you are away from the office.
- Banks are required to credit your account by the beginning of the workday. The funds are available to you immediately.
- Direct deposits are not lost, destroyed, or stolen like paper checks.
What is direct deposit?
Direct deposit is the electronic funds transfer of your paycheck into your checking or savings account at the financial institution (bank, credit union or savings and loan) of your choice. You can have your paycheck go to several different financial institutions and/or 6 different accounts. You can deposit fixed dollar amounts, percentages, and/or your entire net pay. Direct Deposit is very efficient.
Is direct Deposit safe?
Yes, direct deposit is very safe, secure, confidential and your funds cannot be lost.
Who can help me with my enrollment form if I have questions?
Your payroll contact at your work location will be able to provide you with the enrollment form and help you complete it. You can also contact Workforce Solutions, Inc. for the form and help; or you can have your bank help you complete the form.
What is a routing Transit Number and why is it needed to process my Direct Deposit?
The routing/transit number is assigned by the American Banking Association to identify your bank. We recommend you determine the Routing/Transit number from your check rather than a deposit slip. Often, banks use internal routing numbers on the deposit slips. Our direct deposit enrollment form provides a space for you to enter that number. We also prefer you attach a voided check so the numbers entered on the form can be verified.
Can my Direct Deposit be sent to another person’s account, such as a spouse or parent?
Yes, you can have your pay deposited into another person’s account.
How soon will my Direct Deposit begin after I enroll?
This depends upon the time of month when you enroll. We need the enrollment form in our office at least 5 days before your next pay date.
Will I still get a pay stub?
Workforce Solutions, Inc. encourages their clients to go paperless. When the client is paperless the pay stub is available online for the employee to look at and print. If your employer is not one of our paperless clients the employee is provided with a copy of their pay stub.
What if I change banks?
You must notify your payroll office to cancel your deposit(s) to the closed account. Then you must complete a new enrollment form for your new bank. If you forget to inform us of changes to your direct deposit it will be returned to us and we will contact you about how to proceed.
Tags: Direct Deposit, Outsourcing Payroll Utah, Payroll Utah, Workforce Solutions