A direct deposit form is a document that authorizes a third party to send money to a bank account using an ABA routing number and bank account number. This is typically used by employers for payroll purposes. Some parties will require you to submit a voided check with this form to ensure that the account is valid.
Many companies utilize direct deposit. Benefits for employees include: being paid on time, not having to visit a bank, and simpler money management. Employers benefit from: reduced labor costs to process payroll, less chance of check fraud, no need to print paper checks.
To complete a direct deposit form, you will need to provide the following information:
You will also need to attach an image of a voided personal check (checking account) or a deposit slip (savings account).