What are the benefits of receiving your pay via direct deposit?
It’s free; there is no cost for an employee to have their pay directly deposited. As well, most banks offer free checking and discounted services to their direct deposit customers.
Funds are available to you, first thing on pay day morning – no more waiting for the post office to deliver your check and then waiting in bank lines to make your deposit.
Your funds are deposited into your account and are available to you, no matter where you are: traveling for business or vacation, stuck at home with an illness, the money is in your account. Loyola transmits direct deposit funds to financial institutions all over the country, so your bank need not have a local branch.
Secure and Automated:
There is no worry about lost or stolen checks, fraud, checks damaged in the mail or delays in postal service due to inclement weather or holidays. The deposit is automatic and is fully traceable and helps to protect you against identity theft.
Not only do we waste a tremendous amount of paper in the processing of checks, there are also additional “environmental” costs associated with the mailing and delivery of those checks.
It’s easy to enroll:
Simply complete the direct deposit form (link below) and send it to the payroll office. Your direct deposit will stay in effect for as long as you’re employed by the University.
For employees who work on a “semester” basis, such as students or part time faculty – you DO NOT need to complete the form each semester, the information remains active from semester to semester.
What information do I need to provide in order to enroll in direct deposit?
- The name of your bank or financial institution
- Your bank account number - this is your individual account number. Make sure to include any necessary leading zeros.
- Your bank’s “routing” number – this is a 9 digit number, also called the “transit” or “ABA” number. This is basically your bank’s “electronic address.”
- How much of your pay do you want to deposit? Most employees have their entire net pay deposited. But you can also split your direct deposit between several accounts and banks.
For example: You can have funds sent to both your checking and savings account at your primary institution and even have a separate amount going to another bank.
If you are splitting your deposit, you must always have one account that is your “remainder” or remaining net pay and the others will need to have flat dollar amounts designated. In the prior example, for an employee who has a take home pay off $900, they may wish to have $75 to go to their savings, $150 go to a checking account at another bank and then the remainder goes to their primary checking account.
How long does it take for my direct deposit to begin?
It really depends on when the form is received, related to the processing of your particular pay cycle. But it typically takes only one pay cycle for the information to be processed. You should expect to receive one paper check after you’ve submitted the form, then subsequent pays should be deposited for you. This delay is a result of the testing method referred to as “pre noting” that we perform for each new deposit. This process allows us to send a “dummy file” to your account to make sure that we have entered your account information correctly and that the bank is able to identify your account for your upcoming deposit. Once you’ve submitted the form, if you’d like to confirm its receipt within our office and when your direct deposit will begin, just call or email the payroll department.
Have additional questions?
Contact the payroll office as ext. 2622 or ext. 1349