- What does 1 mean for direct deposit?
- What is the deposit order number for Direct Deposit?
- What does deposit method fixed mean?
- What does 999 mean in direct deposit?
- Why Direct deposit is bad?
1. Example of Single Account: If you only have one direct deposit account, it is also your “Balance” account. The amount deposited to this account would be the total amount of your “Net Pay”. 2.
Deposit Order: This is the order in which you want your net pay deposited. If you have two accounts set up besides your balance account, your net pay will be deposited in the numerical order that you select in the deposit order box.
Fixed Amount – This method will deposit a flat dollar amount. Remainder – If multiple direct deposit accounts are being used this selection will cause the system to deposit any amounts that are left over after a fixed amount and/or percent deposits are made.
o Your “Balance of Net Pay” account will be assigned the Priority Value of ‘999’ (the highest Deposit Order value) so that all other allocations are processed before that one.
Direct Deposit shortens the time the employer has the funds as there is typically a minimum of 48 hours processing time required. Finally, some employees may not have bank accounts (poor credit history) or simply may not desire to have their paycheck direct deposited.