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.