It is the policy of the College that all employees receive their pay electronically via Direct Deposit. As a new employee, the College provides you with two alternative banking methods for direct deposit of your pay. Both methods take full advantage of the safety and convenience of electronic direct deposit. Thus, you won’t need to visit a bank to cash your check or to make a deposit—your pay will be automatically deposited and available for your use on pay day. To learn more about how direct deposit works, please click here.
Direct Deposit provides many advantages over traditional paper checks. According to the American Payroll Association:
- It's convenient. You don't have to go to the bank to cash your check.
- It's safe. No more lost, stolen or misplaced checks. (Nearly 4 million paychecks are lost or stolen each year)
- It's reliable. Your money will be available the morning of the payment or sooner.
- It saves time. Did you know that people spend as much as 24 hours each year waiting in line to cash their paychecks?
- You can get your paycheck even when you are out sick or out of town – reassured that the checks you've written will clear.
- It helps you manage your money. You can usually have your paycheck deposited directly into more than one account (such as a checking and a savings account), thus helping you set up a savings plan. A study from NACHA – The Electronic Payments Association concluded that consumers who split their Direct Deposit save up to $90 more per month than those who use another method to save.
Whether you want to use an existing checking or savings account, or prefer to receive your pay without a traditional bank account, we have a direct deposit option for you:
- With an Existing Bank Account: You can choose to have your pay directly deposited to any existing checking or savings account with a bank or credit union.
- Without a Traditional Bank Account: CashPay®, offered through Bank of America, provides a safe and convenient direct deposit alternative for employees who either do not have a traditional checking or savings account or do not want to have their pay deposited into their existing bank account. Employees selecting this option will receive a CashPay account through Bank of America, and an automated teller machine (ATM) card. Once the account is activated, the employee’s pay will be deposited into their CashPay account each pay day. Employees will have instant access to their pay using their CashPay card virtually 24 hours, 7 days a week at ATMs and pinned point-of-sale terminals nationwide and abroad. Additional information regarding the features and benefits of the CashPay option is available upon request.
You will be asked to select one of the above-noted direct deposit options when you begin your employment. Paper checks will only be available to employees whose appointment terms are expected to last for one pay-period or less.