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What are the advantages of direct
deposit?
DIRECT DEPOSIT is a safe and
easy way to have funds deposited directly into an account at
the financial institution of your choice in the United States.
Faculty, staff, and students can have paychecks and travel
reimbursements deposited.
| ADVANTAGES OF DIRECT DEPOSIT |
| Convenience: No more special trips to the bank on your day off. Your check is automatically deposited while you are on vacation or away on business. |
| Security: Your check cannot be lost in the mail, stolen or misplaced. |
| Reliability: Your money will always be in your account on time. |
| Flexibility: It's easy to switch accounts or change banks. Simply fill out a new direct deposit form. |
QUESTIONS/ANSWERS
| What type of payments will the College make by Direct Deposit? |
| Salary payments; including overtime payments; and travel reimbursements. |
| How is money deposited into my account? |
| The University's bank will electronically instruct your financial institution to credit your account for the amount owed to you on the predetermined date. Your financial institution then deposits this money into your account and charges the University's bank account. You may have an account at almost any financial institution in the United States. The Direct Deposit system can also accomodate specialized accounts such as money market accounts. (See question below regarding the handling of specialized accounts). |
| When can I access the money deposited into my account? |
| Your money will be available for you the morning of the payment date. The money may be in the account and available for us, but not show up in a voice response/ATM balance until one day later. If you are unsure of a deposit having made, contact your financial institution. Ask to speak directly with their ACH Account Coordinator for Direct Deposit. This is quicker than if you deposit a check, in which case you might not have access to your funds until the next day or later. |
| How can I be sure my deposit was
made? |
| Payroll issues an earnings
statement from the University when your paycheck has been
deposited. If you' re receiving a direct deposit for any other
reason from the University, you will receive an e-mail message
or a written notification that a direct deposit has occurred.
The deposit will be reflected on your monthly statements from
your financial institution. |
| What if there
is a discrepancy between my bank and the deposit notice I
received from the University? |
| Notify your financial institution and the University immediately. You have up to 60 days from your account statement date to notify your bank in person, by telephone or in writing of an unauthorized deposit or incorrect deposit amount. (If you notify them in person or by telephone, you may also be required to provide a written confirmation with 10 business days). If the financial institution needs more than 10 business days to investigate and resolve your situation, it must credit the amount in question to your account during the investigation. |
| What if I terminate or close my
account? |
| Notify the College in writing of any changes you make concerning your financial institution. How do I make changes for direct deposit? You may e-mail name changes to directdeposit@virginia.edu. If you change your financial institution complete a new direct deposit authorization form and attach a voided check or savings slip. Return the form to Payroll. If you wish to cancel direct deposit, you may notify payroll. You will need to provide a reason for the direct deposit cancellation request. |
| Do I need a bank account to use
direct deposit? |
| Yes. A bank account is
necessary for you to receive deposit payments. Some financial
institutions offer free or low-cost checking or savings
accounts when you use direct deposit. |
| How
do I establish a specialized account, such as a money market
account? |
| You may set up
a specialized account (such as Charles Schwab) for direct
deposit. First go to your special financial institution and
get their authorization form. Provide this authorization form
when completing the direct deposit authorization form. Attach
it in the lower left corner of the direct deposit
authorization form. |
| With direct deposit,
can the College take money out of my account or obtain
confidential information about me through my
deposit? |
| No! Only you can approve the
withdrawal of money from your account. The College cannot
obtain your account balance or any other personal information.
They only have access to the information you provided on your
direct deposit authorization form. Receiving your money
through direct deposit is more confidential than being paid by
check because fewer people are involved in the delivery and
deposit of your payment. |
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