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Making a Direct Deposit Form
Direct deposit is a convenient payroll payment option for everyone and it is simple to set up. Our Direct Deposit Authorization Forms can be used to collect direct deposit information or to change direct deposit details.Use the Direct Deposit Form document if:
Our Direct Deposit Forms are simple to use and allow employees to send funds to multiple accounts. Depending on the employer, forms can be completed and submitted via email, or forms can be printed.Other names for a Direct Deposit Form:
Direct Deposit Authorization Form, Employee Direct Deposit Form, Payroll Direct Deposit FormInformation needed to complete a Direct Deposit Form (employee)
Direct Deposit Authorization Forms are simple to complete. You'll just need your basic contact details and some banking information. To use our form, you'll need:
Most often routing numbers, account numbers and verification letters can be obtained online using your online banking portal.How to set up direct deposit (employer)
First thing to note is that direct deposit services are not free. Usually the fees are roughly a few dollars per payment. However, most agree that the advantages offset the associated fees. To begin direct deposit you'll need to choose a service. You have a few options. First, you'll want to contact your business bank or payroll provider to discuss their direct deposit services. If you use accounting software, they may provide direct deposit as an add-on service. Some payment processing services, which also include accounting modules, may also offer direct deposit services.You'll want to shop for the best convenience features for an affordable price.
These days, even smaller companies are taking advantage of direct deposit benefits. The benefits for the employees are obvious—they get paid on time, they don't have to visit their bank, simpler money management, and they don't have to be at the office to pick up their check. Benefits for the employers are a bit more complicated. But there are quite a few.
Benefits to employers:
Sometimes for a variety of reasons, employees may not have a bank account. It is not convenient for you to write a check just for the few employees that do not have bank accounts. But there are alternate ways for employees to benefit from direct deposit. Of course, they'll need some kind account for you to deposit funds. The simplest is by using a prepaid card. Prepaid cards do not require a credit check. They'll need to obtain the card and then log in to their account to get direct deposit information such as routing numbers. Other options include payroll cards, which do not require employees to qualify for credit, but they may require that you set them up.
If you need other types of employer contracts, see our Essential Employer Documents.