Direct deposit is a process where someone who is going to be paid on a recurring basis, such as an employee, or a recipient of a government entitlement or benefit program such as social security, is sent the payment owed to them into their checking or savings account. The reasons for doing this include:
- Instant access to the funds via an ATM or check card;
- A check can be lost or stolen anywhere between the sender and the intended payee;
- Payments made electronically can be less expensive to the payor.
Direct deposit eliminates mailing delays and alleviates the need to go somewhere to cash or deposit your check.
Illinois Direct Deposit Agreement
Category:
State:
Multi-State
Control #:
US-00416BG
Format:
Word;
Rich Text
Instant download
Description
How to fill out Direct Deposit Agreement?
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FAQ
A bank deposit agreement, also called a Bank Investment Contract (BIC), is an agreement between a bank and an investor where the bank provides a guaranteed rate of return in exchange for keeping a deposit for a fixed amount of time (usually several months to several years).
Direct deposit payments are transferred directly from the State of Idaho to your preferred bank account. This mitigates the potential for forged, lost or stolen warrants. Cancelling and reissuing a warrant in response to these issues can delay payment by several days.
Payroll payments are an example of direct deposits. Employers can send funds to their employees' bank accounts on payday without delay or the risk of losing checks in the mail. Recipients also benefit from direct deposits, as the money is automatically added to their account balance with no action required.
To check the status of your direct deposit:Click your company name at the top right, and then click Payroll Settings.Click Direct Deposit under Payroll and Services.Look in the Action column in the Employer Info box. If you see Active, it means your direct deposit is all set up and ready to go.
Can an employer require direct deposit? No. See Section 300.600200b.
What is a Direct Deposit Authorization Form? Direct deposit authorization forms authorize employers to send money directly into an individual's bank account. In times past, employers would print out and distribute physical checks on pay day for each employee to deposit into their bank accounts themselves.
Complete a direct deposit form yourselfDownload the form (PDF)Locate your 9-digit routing and account number - here's how to find them.Fill in your other personal information.Give the completed form to your employer.
Direct deposit is a popular and convenient way for people to send and receive payment. For payers, it cuts down any expenses related to check-writing, postage, and administration. For payees or recipients, it eliminates the risk of losing a physical check along with the need to visit a bank in person to make a deposit.
Direct Deposit allows State of Illinois payees to electronically receive their payments. Vendors opt for Direct Deposit because they get their money in the bank account faster than waiting for a hardcopy check to be printed and delivered through the mail.
Generally, you'll have access to your paycheck that same business day, whether you make a withdrawal or use debit cards. If you make a payment using direct deposit, you can expect it to take one to three days to show up as a debit in your account.
