Electronic Funds Transfer Authorization Template | COM101-3
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Electronic Funds Transfer Authorization Template
Employees that want to have their paychecks directly deposited into their bank account should complete the Electronic Funds Transfer Authorization Template and turn it in to the Human Resources Manager. COM101-3 ELECTRONIC FUNDS TRANSFER AUTHORIZATION covers effective date, employee ID, account information, and more. It authorizes the company to (1) directly deposit the paycheck into the bank account listed, or to (2) correct any Electronic Funds Transfer errors or overpayments by debiting the account to correct the error.
A voided check or deposit slip for the account should be attached. The authorization is to remain in force until the company receives written authorization to either terminate or change the direct deposit. If not set up for direct deposit, paychecks should be cashed within two weeks of the date they are distributed to the employees. Employees are expected to cash paychecks on their personal time and should not interfere with their scheduled work hours.
Electronic Funds Transfer Authorization Template Details
Format: Microsoft Word 2013 (.docx)
Manual: Human Resources
Procedure: Payroll Procedure COM101
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