Let’s say this employer makes payroll payments on the 15th and last day of every month. This is part of the information that your employer likely gathered from you during your onboarding process after you were hired. Here’s how the direct deposit process works:Īn employer starts by collecting the banking information-including bank account number and bank routing number-of its employees and vendors. Since direct deposit occurs automatically, it is more convenient for the employee, who can count on their paycheck arriving on payday without having to lift a finger, and more economical for the employer, who does not have to spend money to print and distribute paper checks. workers receiving their paychecks via direct deposit, according to the American Payroll Association’s 2020 Getting Paid in America Survey. This payment method has become very common in recent years, with nearly 94% of U.S. There is no need for a physical check or for either party to visit the bank for the money to transfer. When receiving a direct deposit, the payer issues an electronic payment that is automatically transferred into the payee’s checking account. What Is Direct Deposit?ĭirect deposit is a fully automated method of handling transactions. Here’s everything you need to know about using direct deposit. So it’s a good idea to make sure you understand just what you can expect and how you can get the most out of it. But just because direct deposit is ubiquitous doesn’t mean everyone knows all the ins and outs of this payment method. Each location makes deposits into its account, then funds are automatically swept into the main, corporate account.Over the past 20 years, direct deposit has gone from being a perk to the default for most workers. Get added control and enhanced cash management for businesses with multiple accounts. Thanks to daily reconciliation of your company’s issued checks with checks presented for payment, LincolnWay Community Bank is better able to prevent fraudulent checks from posting to your accounts. Fraudulent Check Detection (Positive Pay) LincolnWay Community Bank customers with multiple deposit accounts can combine their account balances to help offset their account service fees. Get secured email notifications when specific ACH debits and/or credits are presented through your LincolnWay Community Bank accounts. Thanks to ACH Plus, you will receive instant alerts of any ACH activity related to your accounts. Through ACH Transactions, you can also expedite your collections and build stronger cash flow by collecting receivables from your customers. Save time and the cost of printing and distributing checks while eliminating the potential for fraud or delays associated with mailing payments. Securely send electronic payments to your employees and vendors. Automated Clearing House (ACH) Transactions Get quick turnaround for the availability of funds by scanning and transmitting deposits safely and securely. Reduce costs by eliminating deposit trips to the bank. Wire Transfers are a quick, convenient way to send funds from your LincolnWay Community Bank account to individuals, businesses or financial institutions across the globe. Send funds fast and securely across the street or across the country. LincolnWay Community Bank can help you determine which online solution is best for you…from basic online banking to sophisticated cash management services. Manage your cash flow without ever leaving your office or visiting the bank.
LincolnWay Community Bank can customize a cash management program for any business. In addition to saving time and money, well-planned cash management processes can reduce risk and enhance your business’ competitiveness. Get tools to enhance your business’ cash flow, improve accounts payable and efficiently automate payments and profits.
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