What is direct deposit?
All employees of Maryville College are required to participate in the direct deposit program through payroll. Employees complete the direct deposit form with their personal information and the information of their financial institution which includes the checking or savings account number and the financial institution's transit/routing number. On payday the employee's wages are electronically transferred from payroll to the employee's account. With direct deposit, pay typically will be in your checking account the morning of payday. Direct deposit is free; there is no charge to participate. In fact, most financial institutions will offer “free checking” to customers who have direct deposit.
Do I have to sign up for direct deposit?
Yes. As of June 1, 2016, direct deposit is mandatory for all employees of Maryville College which includes student employees.
How do I sign up for direct deposit for my work-study pay?
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 you receive a live check and it is stolen and cashed, or lost, your employer is not responsible for replacing those funds? Direct deposit makes sense.
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, totaled correctly, signed and turned in to your supervisor before the payroll deadline. A payroll voucher with the amount deposited into your account will be sent to you in campus mail on payday. However, it is your responsibility to verify that funds are available. 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.