Accounting Direct Deposit Frequently Asked Questions

Accounting Direct Deposit Frequently Asked Questions

1.  What is direct deposit?

·  Direct Deposit is a system for electronic funds transfer (EFT) used to automatically deposit your net pay or reimbursement into your bank account.

2.  Why use direct deposit?

·  It is reliable.

·  Your payment will be on time with funds being available to you immediately.

·  It is secure – there is little risk that your payment will be lost, stolen or damaged.

·  If you are away from the University, you will still receive your payment automatically.

·  It results in fewer trips to the bank, saving you time and money. The University benefits as well by reducing its check mailing preparation time and costs.

·  It is environmentally friendly because we use less paper which helps save our forests.

3.  How do I apply?

·  You are automatically enrolled if you have already signed up through payroll direct deposit. If not, fill out an enrollment form and attach a blank check with the word "VOID" written across it. Please do not sign the check. We will use the information on the check to verify the routing and bank account numbers. If you are using a savings account, deposit slips may not include the correct routing number. For accounts other than checking, please contact your financial institution for the correct routing number.

4.  How do I confirm that my bank account information has been accepted and set up for direct deposit?

·  If the bank reports a problem with the information you provide us, we will contact you prior to the enrollment becoming active.

5.  When will I receive my first reimbursement by direct deposit?

·  Your direct deposit reimbursement will begin with the next check processing date if you are already set up and approved through payroll direct deposit.

6.  When do my payments go into my bank account?

·  We deposit your payment on the regular check run date and your funds should be available to you within two business days. Some financial institutions may have an extra time lag.

7.  Can I deposit amounts into separate accounts?

·  Not for reimbursements. Unlike payroll, these payments must go into only one bank account. If the bank account is different from the payroll bank accounts, you need to complete another enrollment form for the newly designated bank account.

8.  What type of account can I use for direct deposit?

·  It is the same as your primary payroll direct deposit account unless you designate a different one. It may be a checking, money market or savings account.

9.  What if I need to change my bank information?

·  Maintaining current bank account information is extremely important. You may change your direct deposit information by completing a new enrollment form and submitting to the payroll department. Direct deposit changes will take two to three weeks to take effect. Caution: It is advisable to keep your former bank account open until your direct deposit has been switched to your new bank account.

10. What if I don't receive a payment in my bank account but I received the email deposit stub from the University and the University did not notify me that the deposit was returned?

·  You should check with your financial institution (bank) first. If they can't answer your questions, you can contact Accounting five (5) banking days after the payment was to be deposited into your bank account. We will look into the matter and make sure you get your payment.

11. If the direct deposit payment fails, can you issue me a replacement check?

·  Yes, although this is unlikely to happen unless you close your bank account and neglect to inform us. This will delay the processing of your payment.

12. What if I don't want to use direct deposit?

·  Direct Deposit is mandatory.

13. If I need one, can I still get a paper check?

·  We have retained the ability to issue a paper check but only when special situations warrant the exception.

14. The University notified me my of my direct deposit, but my specified bank account was closed before the direct deposit reached the bank. How do I get my money?

·  Contact Accounts Payable to receive information and instructions.

15. Will my banking information be safe and secure?

·  Yes, UNCW has taken steps to safeguard the banking information stored on its computer systems.

16. What should I do if I still have question s regarding my direct deposit?

·  Contact the Accounts Payable or

·  Sarah Jackson at 962-3092