Direct Deposit – FAQs
October 31, 2018treehouseadmin
Does Patriot Software offer direct deposit?
Yes! Patriot Software offers free direct deposit of paychecks to employees.
How does direct deposit work?
Patriot Software allows you to set up unlimited direct deposit accounts for your employees. When you run a payroll, we will generate pay stubs (instead of live checks) for those employees with direct deposit showing their payroll detail. We will then deposit the employee’s pay directly into their bank accounts on pay day.
What are the advantages of using direct deposit?
Convenience: You can offer free direct deposit of paychecks to any or all of your employees. Money is deposited in employee bank accounts on pay day without any trips to the bank or ATM. You as the employer no longer have to print or reconcile paper checks.
Automatic: We will withdraw funds from your bank account and distribute the money to employee bank accounts on your chosen pay day. There is nothing else you need to do each payroll.
What is the lead time for direct deposits?
Patriot offers two options for direct deposit:
Option 1: Four days before payday with regular ACH funding. Your money will be ACH debited from your bank after you run payroll for the actual amount of your payroll.
Option 2: One day before payday with pre-funding. You will designate a scheduled dollar amount to be debited before you run payroll. We will compare the amount debited with the actual payroll amount. If the payroll exceeds the pre-funded amount, you will need to schedule the payroll 4 days out to ensure a successful collection. Each paydate the prefund balance is replenished to the designated amount.
How do I sign up for direct deposit?
As a Payroll customer, you can sign up while logged into your account. You will complete an application and upload your commercial/business bank account statement.
Can I use a personal bank account for my direct deposit?
We will only accept applications from small business owners using a commercial/business bank account for their payroll.
What does it cost to use direct deposit?
There is no charge for using standard direct deposit services with Patriot Software. However, there are charges for non-sufficient funds, or if corrections are needed. Any fees you incur for direct deposit corrections will be charged to your credit card by Patriot Software. See the list of Direct Deposit Fees.
How do I fund the direct deposits?
The most common method is to directly withdraw the net payroll amounts from your bank account and make the deposits into the employee bank accounts. We also offer prefunding.