From time to time, your employees may want to change direct deposit to another bank.
A direct deposit is defined as an electronic payment from one bank account to another, a transaction which occurs through the Automated Clearing House (ACH).
Direct deposit, also known as electronic funds transfer, can come in the form of pension, unemployment benefits, or even work reimbursement.
The most common example of direct deposit is an employer delivering paychecks electronically rather than a physical check that you must deposit into an account yourself. This form of payment is usually set up at the time of onboarding with a new job. It is convenient, secure, and saves both time and money.
The issue when you change direct deposit manually
But what if one of your employees wants to change direct deposit to a different bank, or move a portion of their paycheck to another account?
The process required to change direct deposit can be cumbersome. They would need to contact your HR department and fill out a form with the credentials of their new institution, authorizing the new bank to receive the direct deposit.
This process can take two-to-four weeks, or one-to-two pay cycles.
We can help you change direct deposit quickly
Atomic’s API capabilities can help employees change direct deposit in just a few days.
With our simple login process through their employer or payroll provider, they can put their money where you want it. This allows them to make the most of your income and data, and helps banks provide a better service.
There are many new financial services offering Earned Wage Access, early direct deposit features, free monthly maintenance and better loan rates with direct deposit.
Atomic allows your employees to take control of their financial future.
Would you like to find out more about how we can help change direct deposit? Get in touch today.