Direct Deposit of Payroll Payments

HRM-007

Direct deposit benefits both the employee and the University. Benefits to the employee include:

  • No lost or stolen checks;
  • No unclaimed or un-cashed checks;
  • Elimination of long payroll and banking lines and wasted time cashing checks; and
  • Assurance that payments will be automatically deposited while on vacation, sick leave or out of town.

Benefits to the University include:

  • Reduced processing time and requirements for check reconciliation;
  • Elimination of forged, stolen or lost checks;
  • Reduced operating costs;
  • Improved productivity; and
  • Enhanced cash management by increasing predictability of cash flows.
Applies To
Academic Division
The College at Wise
Approved On
Contact Office
Payroll Services
Keywords
deposit
checks
payroll
direct deposit
mandatory direct deposit
paycheck
Last Revised
Major Category
Human Resource Management
Oversight Executive
Vice President for Finance