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.

 

All Winthrop employees are required to have 100% of their net pay direct deposited into a bank account.

 

Below are the pros and cons of direct deposit.

PROS

• 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.
• It is so easy to enroll and begin enjoying these benefits!

CONS

• There aren't any!

All employees - full-time, temporary, and students - are required 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).

 

The above form is being made available to you as .PDF files unless otherwise noted. To access a form as a .PDF file, you must have the Adobe Acrobat Reader software which is available free of charge. Once you have installed the Acrobat Reader software, simply click on a form title to open it in .PDF format.