A: Yes, direct deposit is a condition of employment at James Madison University. All employees must complete a Direct Deposit Authorization Form when they complete all other initial employment forms (i.e. tax forms, I9, contracts, etc.). The only exception is for a one-time only payment to someone.
Q: What do I need to include with my authorization form?
A: You must attach a voided check (or copy of ) . We use the information on this check to accurately record the routing number and account number required for the deposit of funds. Note: When writing "VOID" across a check, do not write over the numbers at the bottom of the check. We must be able to read these numbers to ensure proper entry of account information.
Q: How long does it take for my direct deposit to take effect after I submit it to your office?
A: Normally, we are able to have your direct deposit active for the next payroll after submission, as long as we receive it more than a week before payday. However, at very busy times of the year (September and January), it may take up to two pay periods to become effective.
Q: How will I know what my net pay is once it is deposited?
A: You can access all of your pay information, as well as, view leave and other compensation information using MyMadison. Please verify that money is in your account, by either contacting your bank or validation from MyMadison, before writing any checks against it. The University will not be held responsible for overdrafts.
Q: Can I change my direct deposit on-line?
A: Yes, you may change your deposit information via MyMadison.
Q: How do I change a direct deposit account?
A: You will need to fill out another Direct Deposit Authorization Form, sign it and submit it to our office with a voided check (or copy of) or make your changes on-line via MyMadison. Each new direct deposit authorization replaces any previous information on file.
Q: What is the difference between fixed account and net accounts on the authorization form?
A: A fixed account is a bank account where a specified dollar amount is deposited each pay period. For example, you may want $20.00 deposited in to your savings account each paydate. This savings account would be listed as a fixed account. A net account is the bank account that will have the remainder of your pay deposited each paydate. The amount going into this account may vary from paydate to paydate. Fixed accounts are optional. You can have up to three fixed accounts and one net account.
Q: What if I do not have a bank account?
A: Because direct deposit is a condition of employment you will need to open a bank account to deposit your pay. Commonwealth One Credit Union on campus (located at Door 4 of the Dining Hall) will allow you to open up a savings account with only a $5.00 deposit. However, you may authorize direct deposit for any banking institution within the United States.
Q: When is my money deposited in my account?
A: Money is made available to your bank at 12:00 a.m. the day of payday. Each individual banking institution post their deposits at different times. Check with your individual institution to find out what time the funds will be available for you to withdraw. They should be available when the bank opens that day, even though the ATM machines may not be updated until later in the day.