HR NOTES for Support Staff, Supervisors & Managers

 

 

Why should you have Direct Deposit?

 

In a US Department of the Treasury poll, "Americans say direct deposit tops both ATM cards and checkbooks as their most important tool for managing personal finances. Yet approximately one in three Americans still do not use direct deposit, despite the widespread opinion that direct deposit is reliable and safe."  Why is that?  Surprisingly, not having a bank account is not the main reason.  The number one reason cited by employees who do not have Direct Deposit is that the Direct Deposit benefit is not available to them.  Well, that is definitely not the case at Valencia.  Our Direct Deposit program is available to every employee, regardless of whether you are a Faculty member, Student Worker, Part-Time or Full-Time employee - everyone can participate.

 

What are the Benefits of Direct Deposit?

 

·   It is convenient, reliable and safe.

·   Without having to make a trip to the bank, your money is there for you when you need to pay bills or manage household finances. 

·   You still receive a pay stub detailing your earnings, deductions and leave balances.  You can also view your direct deposit breakdown on Atlas.

·   No more lost, stolen, washed or not received checks.

·   No more delays in receiving your pay due to mail/post office issues.

·   You can deposit your money into multiple accounts, both Savings and Checking accounts, each payroll.

·   Payments reach your account on the pay date - even if you are out of town, sick or unable to get to your financial institution.

·   Many banks offer free or lower-cost checking for customers with direct deposit because it saves them the cost of processing paper checks.

·   Direct Deposit gives you access to your money earlier than check deposits.  There is no more waiting for checks to clear.

·   Direct Deposit is confidential. Money is transferred electronically and passes through fewer hands than a check.

 

 

 

When you sign up for Direct Deposit, it only takes two payroll cycles to become effective.  As a test procedure, the College is required to submit a pre-note on all first time direct deposits and any account/routing number changes made to an existing direct deposit. This test procedure allows the Federal Reserve to verify your bank's information and account number. Your paycheck should be directly deposited into your account(s) on the second payday after processing.  

 

Please encourage your employees to sign up for Direct Deposit today!  The authorization form can be found on Atlas under Valencia Forms - "Payroll Direct Deposit Authorization Agreement."

 

 

  

                                                                                                                        HR Notes #82

                                                                                                                        May 2008