This week’s question comes from Crystal, an office manager. I have an employee who wants to have his paycheck direct deposited into his account. How long will it take for the direct deposit to become active? Answer: Vision Payroll will prenote all Automated Clearing House (ACH) transactions and wait ten business days after the date of the payroll for which the prenote was sent before activating the direct deposit. A prenote is a zero dollar transaction sent through the ACH system in order to detect invalid routing and account numbers. Although a prenote will not detect all errors, prenotes help in detecting invalid routing and account numbers, checking accounts classified as savings accounts and vice-versa, and sometimes, name and account mismatches. This will help to prevent incorrect postings before they happen. Remember, that although most prenotes will become live ACH transactions for the second weekly or first bi-weekly payroll after the prenotes, federal holidays may delay the activation for one additional payroll. Contact Vision Payroll if you have questions on the ACH or prenote process.
Comments Off on Question of the Week: How Long Does It Take to Activate an Employee’s Direct Deposit?
This week’s question comes from George, a business owner. We’re planning an end-of-summer party with bonuses for our employees. I’d rather give them live checks for their bonuses. Can I stop an employee’s direct deposit one time only? Answer: You can easily stop direct deposit for any or all employees whether you submit your payroll online or by some other method. If you want to stop direct deposit for one or more employees online, simply check the “Stop Direct Deposit” box for selected employees on the Pay Detail section. If you want to stop direct deposit for all employees online, simply check the “Stop Direct Deposit” box on the Dates section. If you still don’t submit payroll online, indicate on the time sheet those employees for whom you wish to stop direct deposit. You may also contact Vision Payroll by telephone or e-mail to stop direct deposit. Using any of these methods will only stop direct deposit for that paycheck or payroll and direct deposit will become active on the next paycheck or payroll.
Comments Off on Question of the Week: Can I Stop My Employee’s Direct Deposit One Time Only?
Are you tired of issuing stop payments for lost checks? Do you get requests from employees on vacation to be paid in advance? Would you like to solve these problems, increase security, and save money too? Direct deposit is the answer. By giving employees the option to utilize direct deposit, you’ll never have to worry about stop payments for checks that get misplaced or run through the laundry. Employees on vacation can relax, knowing that their paychecks will be in their account come payday. And in these days of increased check fraud, the fewer checks that you have to issue, the safer you’ll be. Employees won’t be forced to rush to the bank during certain times to wait in long lines to get checks cashed. The cost savings can be substantial, too. There’s no separate check to enter into the accounting system; no confusing reconciling item when a paycheck doesn’t get cashed right away; no lost checks to replace; and no bank item fee charged on your bank statement. Call Vision Payroll today to get direct deposit for you and your employees and start saving time and money too.
Comments Off on Tip of the Week: Save Time and Money with Direct Deposit