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Strongly regarded for its
convenience and security, direct deposit is the leading
option provided by countless payroll services.
If you are interested in providing direct deposit to your
employees, contact your payroll processing company for
setting up direct deposit, or if you process your payroll in
house then contact your financial institution. Each employee
who is interested in direct deposit must complete the
required form and attach a voided check or savings account
deposit slip. Then either your accountant, person
responsible for payroll will then submit a form to your
payroll service containing your business? banking
information so that it can debit the account to pay your
employees. Your
next step will be for your payroll processing company to
send all of the instructions you provided to the National
Automated Clearing House Association. Generally, it takes
approximately two pay periods for your employees to begin
receiving direct deposited paychecks after they sign up for
the program.
Possible educating your employees on how the system works
and the benefits it offers is the first step in instituting
a direct-deposit arrangement. Once management or the
implementing bank or payroll-service company has finished
educating your employees, there's generally a sufficiently
high enrollment into the program.
To encourage more business to use direct-deposit payroll
programs, a Direct Deposit Coalition was formed by NACHA,
regional clearinghouse associations, some Federal Reserve
banks, and the U.S. Treasury Department.
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