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What does deposit method mean?

Direct Deposit is a means of paying your employees electronically into their bank accounts without the use of paper paychecks. Employees will provide their bank account information and can choose how they would like their money to be paid.

What is deposit type on direct deposit?

Deposit Type: Select Amount, Percent, or Balance * Amount or Percent: Enter Amount or Percent value (i.e. $500.00 or 50%) Deposit Order: Enter the priority for this account * Click: Submit. *To Deposit 100% of your Net Pay in one bank account you must use Balance of Net Pay as the Deposit Type and 999.

What is deposit order for direct deposit?

Order of deposit is meant for those with multiple deposit accounts and is the order in which you want your pay deposited into your accounts. For example, say you want 10% of your pay deposited into your savings account and the balance / remainder of your pay deposited into your checking account.

What is balance of net pay for direct deposit?

The term “balance of net pay” means that if you have only one account set up for direct deposit, the full amount of your pay check will be deposited into that account. If you have multiple accounts set up, this is the last account your check will be deposited into on pay day.

What does allocation method mean for direct deposit?

Direct Deposit Allocations are the automatic distribution of regular, recurring electronic deposits to one or more eligible accounts. To establish Direct Deposit Allocation, use the enclosed form to indicate which accounts you would like to fund and the amount to be applied to each account.

What does deposit method fixed mean?

Fixed Amount — This method will deposit a flat dollar amount. Remainder — If multiple direct deposit accounts are being used this selection will cause the system to deposit any amounts that are left over after a fixed amount and/or percent deposits are made.

What does fixed mean for direct deposit?

A fixed amount, for example $50.00. Percentage. A percentage of the total payment, for example 25%. Balance/Remainder. The remainder of your payment, less any fixed amounts or percentages that have been directed to another account.

What does fix amount mean?

Fixed Amount means an amount equal to the product of (a) the Notional Quantity per Determination Period multiplied by (b) the Fixed Price, or as otherwise provided in the Confirmation.

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