What is direct deposit?
Direct deposit is a process by which our employer, Maryville College, can electronically deposit your paycheck into your checking account for you each month on payday rather than giving you a paper check. With direct deposit, your pay typically will be in your checking account the morning of payday. Direct deposit is free; there is no charge to participate in direct deposit. In fact, most financial institutions will offer “free checking” to customers who have direct deposit.
How do I sign up for direct deposit for my work-study pay?
Fill out a Student Direct Deposit Authorization Agreement, attach a voided check and turn in your completed form to either the Business Office or Financial Aid. You may obtain a form from the Business Office or Financial Aid or you may download a form by clicking on the link, Student Direct Deposit Authorization Agreement, on the left of this page.
What are the advantages of being paid by direct deposit?
Advantages of direct deposit are peace of mind, prompt payment, convenience, freedom, and time savings. No more standing in line in the Business Office to pick up your check on payday. No more having to go to the bank to either deposit your check or cash it. Your pay will automatically be in your account and you will have access to the funds on payday morning even when you are away from campus. Many banks offer discounts to customers who have direct deposit. And, most importantly, did you know that if your check is stolen and cashed, your employer is not responsible for replacing those funds?
How does direct deposit work?
The process is simple. You complete the Student Direct Deposit Authorization Agreement and attach a voided check. If you attach a voided check or a letter from your bank verifying the bank routing and account number, your direct deposit will start with the next processing of payroll. If you cannot provide a voided check or verification letter from your bank, your initial direct deposit transaction will be a prenote and direct deposit of your pay will start with the following pay period. A paper pay statement or payment advice will be placed in your MC mailbox each payday so you can verify the amount you are paid is correct for the hours you worked.
What is a prenote?
Prenoting is a "dry run" to your bank to insure that there are no problems with the routing or account numbers used to set up your direct deposit. During the payroll cycle when your direct deposit is a prenote, no money will be deposited to your checking account, instead you will still receive a paper check. The following payroll cycle will be the first payday when funds are deposited into your account.
I signed up for direct deposit this semester. Do I have to sign up again next semester?
No, a direct deposit authorization remains in effect as long as you are in school or until you cancel it. Just remember that if your checking or savings account information changes, you must complete a new direct deposit authorization.
Can I designate more than one account or have my pay deposited to my parents’ account?
No. All funds must be deposited into only one account that must be in your name.
Do I have to have a local bank account?
Direct deposits can go to any financial institution within the United States.
How will I know that my pay has been deposited into my account?
First, make sure your timesheet is completed, signed and turned in to Payroll before noon on the first of the month. Then it is your responsibility to verify with your bank that the funds are in your account on payday. That is an easy process if you use online banking, which most financial institutions provide at no cost. If your pay is not in your account, contact Payroll immediately at 865-981-8250.