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.
Wisconsin 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
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.
No employer can require an employee to use direct deposit at a specific bank. Employers aren't allowed to charge employees a fee based on payment method. Employees must have access to their pay stubs.
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).
The Electronic Fund Transfer Act (EFTA), also known as federal Regulation E, permits employers to make direct deposit mandatory, as long as the employee is able to choose the bank that his or her wages will be deposited into. Alternatively, employers can choose the bank that employees must use for direct deposit.
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.
Mandatory direct deposit systems are permitted under certain circumstances: The employee must be able to collect his or her wages at a bank or facility in the State of Wisconsin. The employee must receive all of his or her wages and cannot be made to incur any charges to receive them.
States that Allow Required Direct DepositIndiana, Kansas, Minnesota, Missouri, South Carolina, Texas, Virginia, Washington, and West Virginia allow employers to require direct deposit.
No employer can require an employee to use direct deposit at a specific bank. Employers aren't allowed to charge employees a fee based on payment method. Employees must have access to their pay stubs.
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.
Mandatory direct deposit systems are permitted under certain circumstances: The employee must be able to collect his or her wages at a bank or facility in the State of Wisconsin. The employee must receive all of his or her wages and cannot be made to incur any charges to receive them.
