Payroll Direct Deposit
Policy number: 4.15
Policy section: Business & Finance
Revised Date: January 2, 2019
1. Policy Statement
It is the policy of the University that direct deposit is mandatory for all employees paid by the University, except as provided in this policy.
The purpose of this policy is to provide for compliance with applicable laws and regulations, clarify institutional expectations, promote operational efficiencies, reduce institutional risk, and enhance the University’s mission.
The policy applies to all faculty, staff, and students receiving employee compensation from the University.
4. Direct Deposit Benefits
Direct deposit is a process that provides for the secure, efficient, and timely transfer of employee wage payments from the University to the financial institution(s) specified by the employee.
5. Employee Banking Information
- New employees must submit direct deposit information via the University’s online administrative software system within 30 days of when they begin employment at the University.
- Employees are expected to maintain their direct deposit account information online, and to submit changes to that information in a timely manner to allow accurate distribution of payroll funds via direct deposit to their account(s).
- Employees who do not already have a bank account may establish an account at a financial institution of their choice or at a local bank with which the University has an agreement.
6. Direct Deposit Requirement Exceptions
Exceptions to employee wage payments being made by direct deposit are:
- Payments made to student employees whose jobs are fully or partially funded by federal work program grants.
- Payments to employees who reside and/or work for the University in states that prohibit employers from requiring direct deposit.
7. QuestionsQuestions about this policy may be directed to the Vice President for Business and Finance.
Revised: January 2, 2019
Adopted: January 1, 2004