A. Purpose
The purpose of this Statement is to outline the required policies and procedures associated with participation in the University's Direct Deposit Program.
B. General Guidelines/Applicable Policies
2. All new EPA and SPA permanent employees on the monthly payroll must participate in the Direct Deposit Program. New employees include New Hires, Transfer Employees From Other NC State Agencies, And Reinstated Employees.
b. All colleges/departments are required to inform EPA candidates during the departmental interview process of the requirements. Verification statements signed by new EPA employees will contain the direct deposit policies.
3. Graduate assistants who are not participating in the Direct Deposit Program September 1, 1991 will not be allowed to join. Graduate assistants who are participants September 1 may elect to cancel participation at any time. However, they may not re-enroll while under graduate assistant status.
4. Departments are responsible for ensuring their employees are in compliance with these policies. Questions concerning the Direct Deposit Program policies and procedures should be directed to the University Payroll Office at 515-4350.
5. The Payroll Office will assist departments in identifying those employees who are not in compliance with the Direct Deposit Program policies.
6. Applicable employees will receive their regular monthly pay through direct deposit to a financial institution of their choice.
C. Procedures
1. Departments should give new hires, transfers from other N.C. state agencies, and reinstated employees the NCSU Direct Deposit Form when they accept positions with the University.
2. New hires, transfers from other N.C. state agencies, and reinstated employees must be instructed to submit completed Direct Deposit Forms to the Payroll Office no later than their first day of work at the University.
3. For direct deposit participation to be active in the current month the following conditions must be met:
b. The employee's form PA 500 information must be loaded to the payroll system by the appropriate personnel office no later than the third business day of the current month.
c. The employee's financial institution has accepted the information submitted by the employee on the NCSU Direct Deposit form.
4. Current monthly employees (excluding graduate assistants) may elect to participate in the Direct Deposit Program at any time. However, they must remain in the program and may not elect to cancel their participation. Their completed forms also must be received in the Payroll Office by 5 p.m. on the third business day of the month for direct deposit participation to be active in that month.
Changes In Financial Institution Information
1. Participants in the Direct Deposit Program may elect to change their direct deposit of monthly pay from one financial institution to another. In addition, participants may change their direct deposit from a checking account to a savings account and vice versa.
2. Completed forms must be received in the Payroll Office by 5 p.m. on the third business day of the month for the change to be effective in that month.
SINCE FEDERAL REGULATIONS GOVERN THE PROCEDURES CONCERNING EMPLOYEE CHANGES IN FINANCIAL INSTITUTIONS, THE UNIVERSITY WILL TRANSMIT THE DIRECT DEPOSIT OF PAY TO THE FINANCIAL INSTITUTION ON RECORD AS OF 5:00 P.M. ON THE THIRD BUSINESS DAY OF THE MONTH.
IF THE TRANSMISSION FOR DIRECT DEPOSIT OF PAY INDICATES THAT THE EMPLOYEE'S ACCOUNT IS CLOSED, THE UNIVERSITY MAY NOT ADVANCE PAY TO THE EMPLOYEE. THE UNIVERSITY MUST WAIT TO RECEIVE A REFUND FROM THE FINANCIAL INSTITUTION BEFORE THE EMPLOYEE MAY RECEIVE PAYMENT FOR THE AFFECTED MONTH.
D. Forms
Departments should keep on hand a supply of blank copies of the form. Employees also may fill out the NCSU Direct Deposit Form in the University Payroll Office, Administrative Services Center. Call 515-4350 if a blank of the Direct Deposit Form is needed for your office.
E. Instructions For Completing The Form
BLOCK AND DESCRIPTION
1 Employee Name
2 Department
3 Bank Name
4 Type of Enrollment and Effective Date
o Indicate "CHANGE" and "EFFECTIVE DATE" if the employee wishes to change financial institutions or account type.
5 If Direct Deposit Is For SAVINGS
Enter the employee's Savings Account Number. The savings account number recorded should agree with the deposit slip or passbook number.
Enter the Financial Institution's Bank Number. The bank number recorded should agree with the series of numbers (8 or 9 digits) in the lower left-hand corner of the deposit slip.
Note: Salary payments may not be split between accounts; e.g. half in checking and half in savings.
6 If Direct Deposit Is For CHECKING
Enter the employee's Checking Account Number. The checking account number recorded should agree with the deposit slip or check. The checking account number is the series of numbers following the bank number. Be careful not to record the check number.
Enter the Financial Institution's Bank Number. The bank number recorded should agree with the series of numbers (8 or 9 digits) in the lower left-hand corner of the deposit slip or check.
Note: Salary payments may not be split between accounts; e.g. half in checking and half in savings.
7 Signature and Date
8 Attachment