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Prior to setting up Direct Deposit you will need the following information:
- You will need to find out from your bank if they will accept the ACH file, in NACHA format, for processing your Direct Deposit payroll.
Some banks do not accept the file as they have their own procedure for submitting Direct Depost payroll.
- Does the bank want the file to contain the Balancing Entry, more commonly referred to as the Debit Entry. This is not common as most banks will want the entry included in the file.
- If your bank will accept the file, you will need to find out how to submit the file to the bank, for example upload the file on a secure website, and how many days in advance of the pay date they would need the file submitted for processing on the pay date.
- From your employees, you will need something that has their bank Routing and Account Numbers on it such as a cancelled check or deposit slip.
- You will need your Company's Bank Routing and Account Number.
There is no fee for using the Direct Deposit feature of your payroll program. However, your bank may charge a fee to process the file for you.