DirectDeposit.doc - Direct Deposit The State of Montana...

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Direct Deposit The State of Montana Central Payroll office encourages all employees to have their pay deposited directly into their bank account(s) biweekly. Benefits of Direct Deposit No more waiting in lines at the bank. Money is immediately available on payday – no need to make special arrangements when you are absent from work or on vacation. No more overdrafts due to late deposits . Never delayed by the mail system. No more lost or stolen checks . You can still receive a pay stub documenting your pay OR you may elect to receive no statement, just view your check online. Your pay can be automatically divided up among your checking and savings accounts at your participating bank or credit union. You chose amount to be deposited in each account – an excellent way to manage your money! Your funds are in your account on payday (exact times vary with each financial institution). When you deposit a paper check, the money isn’t technically in your account until the day following the deposit. Direct Deposit Process For each pay period, we produce a computer file containing a record for each employee signed up for direct deposit. This record identifies your net deposit amount, your financial institution and account number. Direct Deposit is compiled into an electronic file sent via Federal Reserve specifications, which, in turn, enters it into the Automated Clearing House (ACH) system.
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  • Winter '15

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