Delivering sensitive personal and financial information in a secure way is important. Submit your direct deposit form to your employer.This ensures no errors are made and that the payment is deposited into the right account.
For accuracy, you may be required to attach a voided check or deposit slip to your form.
Attach a voided check or deposit slip. Savings - if splitting your direct deposit into different accounts, you can typically choose to split by a percentage amount (meaning you could deposit 30% into one account and 70% into another, for example) or by a set dollar amount. However, you may have the option of splitting it into different accounts, such as checking and The amount of your deposit is typically equivalent to the amount of your paycheck after taxes. Detail the deposit amount and/or distribution percentages. You’ll need to supply your account information as well, including your account number and routing information. This includes personal details such as your name, address, and Social Security number. Your employer or payer will ask you to complete and sign a direct deposit form. Regardless of who the payer is, the process for a payee to set up direct deposit is generally the same. Setting up direct deposit includes a series of steps and is often facilitated in an onboarding process when beginning work for an employer - though most employers allow for set up at any time during employment - or when selecting a payment method to receive funds. Knowing exactly when their accounts will be debited for payroll expenses may also help employers better manage their own finances. It's also considered a much safer process than mailing out checks, as the funds arrive directly into the payee’s accounts with no possibility of being intercepted. The automated process can help ensure payments are made accurately and on time, which has the potential to lead to higher employee satisfaction. Plus, with electronic payment, pay stubs can be digitally stored as well, saving the headache of having to find physical records later.įor employers, some benefits might include savings on payroll, printing, and mailing. It can also eliminate the risk of payment getting lost or stolen in the mail, or getting delayed if a hold is placed on the funds after they're deposited. This can help alleviate the stress of having to find time to physically go to a bank or stop at an ATM. If a payee has direct deposit set up, they will receive funds into their account automatically. Direct deposit can have appealing, time-saving benefits for both employees and employers.
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