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Paychex Direct Deposit Form
Enrolling in direct deposit can often be a much easier way to receive your paycheck from work and completing a Paychex Direct Deposit Form will usually be the process to completing this. Most companies and organizations use the company Paychex for payroll processing and your accounting or human resources department should be able to help you complete the form.
Once you complete a Paychex Direct Deposit request you will no longer receive paper statements, and if you need to review your paystubs for any reason, Paychex allows you to create an account online where you can view the date and breakdown of each paycheck. If you are switching from paper paychecks to direct deposits it can usually take about one to two pay periods before this switch is finalized. Although if you are signing up for this service as a new hire this will happen immediately since you are new to the company's processing system.
A Paychex Direct Deposit Form can be downloaded below.
How to Fill Out a Paychex Direct Deposit Form?
To fill out a Paychex Direct Deposit Form, complete the following sections:
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Your name and work identification number (human resources can provide this information).
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You will need to provide the reason why you are completing this form.
- For example, if you decide to switch to a new bank, you can update where you wish your direct deposit to be sent to.
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The details about the bank and account you will be using.
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There is also the option to have your paycheck split into multiple amounts and sent to different banking institutions.
- This can be helpful if you have a retirement account separate from the company's retirement plan, if you use different banking accounts for different needs (such as one account for savings and one account for checking), or if you are paying a former spouse in alimony and need to devote a percentage of your paycheck to their account.
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Once you have completed all necessary banking information you will need to complete the confirmation section.
- This section confirms that you agree to all the information you have provided in the above section is accurate;
- It's a good idea to double-check that all routing and account numbers are accurate, as a mistake could lead to a delay in having a paycheck reach its intended destination.
- After everything has been confirmed you will then need to sign and date the document and then hand it off to the person in charge of payroll processing so that they can also sign and date the form.
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Be sure to make a copy of this document for your records. If you are a business owner or the person charged with processing payroll you will also want to make a copy of the form for the company's records.
What Time Does Paychex Direct Deposit Hit?
Depending on your bank, there can be a different Paychex Direct Deposit time. Most companies will have a specified paydate (such as every other Friday) and direct deposits will usually be posted in a person's bank account from Paychex between midnight and six in the morning on the specified day. The benefit of using Paychex is that their business will handle the processing information to make sure that the paycheck will arrive by the specified date in each employee's bank account.
As a payroll manager, you will need to make sure every employee in the company completes their timecards by a set date that allows Paychex enough time to complete their end of the processing. For example, an employee will often be required to submit their timecard several days in advance of the payday, and any days worked after will rollover to the next pay period.
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