How long to set up direct deposit

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If you're a customer at TD Bank -- or any bank, for that matter -- there might have been times when you had more money leaving your checking account than coming in. Maybe you mistimed a direct deposit By Paul Sisolak. Direct deposit offers many advantages over paper paychecks and can save you time and money.

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Sometimes the person you're paying doesn't want the liability of paper money, or it's important to Toggle navigation Back. Sending you timely financial stories that you can bank on. Those banks will receive the orders and credit the accounts of your employees accordingly. When your employees account is credited, yours is then debited the corresponding amount.

An important thing to note about this process is the exact timing can also depend on your bank, your employee's bank, which payroll software you use, and any national holidays that affect bank operations. The amount it will cost your business to use direct deposit depends on a few different factors.

For example, one factor at play is who you use as your direct deposit provider. If you use a bank, the cost will depend on your individual bank. Some banks charge ongoing monthly fees for direct deposit, but most do not. Additionally, some banks charge various transaction fees.

Your bank might charge a transaction fee each time your account is affected, which would be every pay period. These fees range depending on the bank, the size of your business, and your direct deposit agreement. If you use a payroll software as your direct deposit provider, or other software with payroll capabilities, any fees will depend on the individual software.

Many software programs like Gusto payroll, Intuit payroll, and others, offer direct deposit services at no additional cost. With these platforms, the direct deposit service is included in the price, along with all the other benefits of the software. The first thing you need to do when setting up direct deposit for employees is decide who is going to provide your direct deposit services.

Essentially, this is the entity that will handle and house all of the information for both your business and your employees and will ultimately be the one taking the funds through the direct deposit process that we outlined above.

Generally, you have two options for direct deposit providers. You can work with the bank that houses your business bank account or work with a payroll software that has direct deposit functionality, as well as any other business, accounting, or HR software that has payroll and direct deposit capabilities.

Either of these options will give you the ability to send payments electronically through direct deposit. If you decide to set up direct deposit through your bank, you can talk to them directly for options, pricing information, and specifics for getting started.

Your bank may also ask for recent financial statements, just to verify that you have the necessary finances in place to be setting up this process. This will be the account that your direct deposits will pull from. Essentially, this process could be something as simple as a verification email, just to confirm that you in fact, are the administrator setting this up. Finally, your provider will do a test direct deposit and withdraw a small amount of money from your account.

You will then verify this transaction with them to confirm the process is working.