Total Payroll Services, Inc. - Solutions: Direct Deposit

F u l l S e r v i c e D i r e c t D e p o s i t

Did you know that on average, employees spend from 8 to 24 hours of work time each year dealing with payroll checks?

Direct deposit is the fastest, safest and most convenient way to get your employees’ paychecks into the bank on time! Direct Deposit offers employers and employees the following advantages:

Convenience - no more trips to the bank, waiting in line to cash or deposit paychecks. The check is in the bank even when an employee is out of town, sick, or just can’t get to the bank.
Dependability - payment is available at opening of business on check date; employees are paid on time, every time!
Safety - no more lost or stolen checks; eliminates the time/cost of replacement checks.
Confidentiality - paychecks are no longer handled by bank tellers, supermarket cashiers and others.
Cost Savings - eliminates the need to reconcile employee checks.

How does Direct Deposit work?

Through direct deposit, Total Payroll transfers the payroll funds directly into an employee’s bank account using the Automatic Clearing House system ("ACH"). ACH is a nation-wide financial system that electronically transfers funds from bank to bank and account to account .

Do employees have to have an account at the same bank where the employer’s account is?

No, because the ACH system electronically transfers the funds, employees can choose any account - across town, across state, across the country or even a Credit Union!

Can an employee have only part of their pay directly deposited into an account?

Yes, an employee can choose to have part of their pay deposited into a bank account (ie. an IRA or savings account) and receive the rest of their pay in the form of a payroll check.

Can an employee choose more than one account or bank for direct deposit?

Yes, Direct Deposit offers the flexibility of depositing an employee’s pay into one or more accounts. For example, a deposit may be made to a savings account (ie. Vacation or Christmas club) and the rest into a checking account.

Does an employee who chooses Direct Deposit still receive a "check stub"?

Yes, an employee will receive a pay stub or "voucher" with the same information as a check stub showing current and year to date earnings and deductions. The amount, bank and bank account number will also be indicated on the voucher.

If I choose to offer Direct Deposit do all my employees have to participate?

No, direct deposit may be used only by those employees who choose this method of payment. Everyone else will continue to receive a paycheck.