Direct Deposit - What is it?
Direct deposit is an easy, reliable way to get your net pay into your bank account without having to endorse your check, take the chance of losing your check, or stand in line at the bank to deposit your check. Direct deposit is a simple method of using the Automated Clearing House (ACH) system of numbers to identify each banking institution in the country and electronically moving your net pay amount from Winthrop's account into your account at your bank, wherever that bank may be.
The process is tried and true. Almost 70% of Winthrop employees now enjoy the benefits of direct deposit. What are these benefits, you ask? Well, let' s present the pros and cons.
- You never have to handle a check.
- You never have to worry about having the check lost or stolen.
- You never have to endorse a check or prepare a deposit slip.
- You never have to rush to get to the bank on your lunch hour.
- You never have to stand in long lines at the bank to make the deposit.
- You never have to worry about making an error on the deposit slip.
- You never have to worry about the daily time cutoff for transactions.
- You never have to worry about crossing the bank parking lot with cash in hand.
- Your money is in your account before you even wake up on payday.
- If you are away from the office - on sick leave or vacation - your money is deposited in your account.
- If you are a part-time employee and your department now mails your check or gives you the check when you come into work, under direct deposit, you will be paid on-time, every time.
- It is so easy to enroll and begin enjoying these benefits!
All employees - full-time, temporary, and students - are eligible to participate.
To enroll, simply complete a Direct Deposit Form and return it to Tillman Room 119 along with a voided check or bank information sheet. A document from the Bank is required in order to obtain the bank routing and account numbers. The next available pay check will be deposited directly into your account. We will provide you with an Earnings Statement each payday that will detail your gross pay, deductions, and net pay via email (or mail if an email address is not available).
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