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Offering Direct Deposit for Employee Pay
March 30, 2008
If you outsource your payroll processing to a payroll service then providing direct deposit of paychecks straight into your employee’s bank account is easy. Once you get the initial paperwork set up, your payroll processing company will take care of the rest. They will ask for each employee interested in having their paychecks deposited directly into their bank accounts to complete a form and attach a voided check or savings account deposit slip. Attaching a void check or savings account deposit slip is necessary. These documents contain the necessary routing number and account number for the funds to be deposited to the employee’s correct banking institution. In addition, your company’s accountant will need to submit a form to your payroll service containing your company’s bank account information. This gives your payroll company the information it needs to debit your company’s bank account to pay your employees.
Typically, your employees will begin receiving direct deposited paychecks about two pay periods after they sign up for direct deposit service.
Posted by Shanu Singh Guliani on March 30, 2008 | Comments (0)
