DirectSeposit

Plan ahead for emergencies: Receive your pay by direct deposit

Every year, the U.S suffers from weather-related disasters. Did you know that so far in 2007, FEMA has reported 57 major disaster declarations due to severe storms, flooding and tornadoes?

Suggestions for planning ahead for emergencies generally include assembling disaster supplies kits and preparing a safe room. Here’s another: make sure you have ready access to funds in bank accounts, including your paychecks. If you’re still receiving a paper paycheck, sign up for direct deposit.

What is it?

Direct deposit is “the electronic transfer of a payment from a company or organization into an individual’s checking or savings account,” according to www.electronicpayments.org. Direct deposit has been around for more than 30 years and is offered by most large U.S. companies to their employees. It is Temple University’s preferred method of pay.

Safety

The primary advantages of direct deposit as opposed to receiving a paper check are safety, simplicity and convenience. Your pay goes directly into a bank account. No paper. No lost, misplaced or stolen checks. No delays. Whether you’re out of the office traveling on Temple business or unable to get to work because of an emergency, you still can access your money on payday, anywhere in the United States and in many cities around the world.

Confidentiality

With direct deposit, money is transferred electronically and passes through fewer hands than a check. A summary (called a pay advice), which looks like a check stub and shows how much was deposited and deductions for taxes, benefits and other obligations, is issued.

Pay advices can be viewed and printed out from Employee Self-Service at http://ess.temple.edu. Beginning January 2008, paper direct deposit advices will be replaced with an e-mail notification sent to employees prior to payday with a link to the Employee Self-Service web site.

Quick access

Your pay is available on payday. Consult your financial institution, since fund availability varies with each bank. You don’t have to wait for either your paper paycheck or for the check to clear after depositing it in the bank. To get cash, just go to one of the many cash machines/ATMs on Temple’s campuses. In addition, both PNC Bank and the Philadelphia Federal Credit Union have offices on Main Campus for your convenience.

More control

Direct deposit allows you to have your entire pay directly deposited into an account or split among several different accounts. Regular full- or part-time faculty or staff members can direct pay into up to five separate different accounts. (Temporary workers, including work-study and student workers, can have their pay deposited to only one account.)

Many banks offer low- or no-fee checking accounts when direct deposit is used, and some financial institutions even allow people to pay their mortgages or car loans with direct deposit through a unique checking account.

In addition as an added benefit, Temple’s relationship with PNC Bank also allows employees to participate in PNC’s WorkPlace Banking Program. So stop by a PNC branch to learn more about the benefits of WorkPlace Banking.

Learn more and sign up

For more information, visit www.temple.edu/hr/departments/payroll or contact the Payroll Department by phone at 215-204-3116 or by e-mail at hrpayroll@temple.edu.