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Select the Settings icon, then Payroll Settings. Under Payroll, select Direct Deposit. Review what you'll need to set up direct deposit and select Yes! Fill in required fields for Employer Bank Account and Account's Principal Officer. Select Continue.
For example, some businesses must pay a fee for implementing direct deposit. Setup fees could range from $50-$149. You might also be charged a transaction fee each time money is transferred from your account to an employee's account. This could range from $1.50-$1.90 per transfer.
Costs to employers vary from bank to bank and state to state. Set-up fees range from $50-$149, on average, depending on the size of the employer and relationship with bank. Some banks also charge ongoing monthly fees for direct deposit, although most do not. Employers are charged each time they make deposits.
The Mechanics of Direct Deposit The employee submits a copy of a voided deposit slip to the employer to allow the information on his bank account to be entered into the organization and bank software systems. The employer electronically transmits the payroll money into its bank account.
Normally the first paycheck is a paper one, assuming you provide what's needed for direct deposit in a timely manner. It takes two weeks to set it up. Too long. Two whole weeks.
No employer can require an employee to use direct deposit at a specific bank. Employers aren't allowed to charge employees a fee based on payment method. Employees must have access to their pay stubs.
Ask for a copy of your employer's direct deposit sign up form, or download the U.S. Bank Direct Deposit Authorization Form (PDF). Provide your U.S. Bank deposit account type (checking or savings), account number and routing number, and other required information.
How long does direct deposit take? One of the biggest benefits of direct deposit is that it happens very quickly, usually one to three days but sometimes up to five business days. This varies depending on who is actually sending the funds and may even get faster in the future.
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