Direct Deposit Information Form Template for United States

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Key Requirements PROMPT example:

Direct Deposit Information Form

"I need a Direct Deposit Information Form for our tech startup with 50 employees that includes options for splitting payments between multiple accounts and handles international wire transfers for our remote workers starting January 2025."

Document background

The Direct Deposit Information Form is a crucial payroll document used across the United States to facilitate electronic payment of wages and other compensation. This form became increasingly important with the adoption of electronic payment systems and is now the standard method for payroll processing in most organizations. It complies with federal regulations including the Electronic Fund Transfer Act, Regulation E, and various state laws. The form collects necessary banking information and authorization for employers to deposit funds directly into employees' bank accounts, offering a secure and efficient alternative to paper checks.

Suggested Sections

1. Employee Information: Full legal name, employee ID, contact details, Social Security Number (SSN), and employment status

2. Bank Account Information: Primary bank account details including bank name, routing number, account number, and account type (checking/savings)

3. Authorization Statement: Legal authorization for electronic deposits, acknowledgment of terms, and agreement to notify of any changes

4. Deposit Instructions: Specification of amount or percentage allocation for deposits, effective date of direct deposit

Optional Sections

1. Secondary Account Information: Optional section for splitting deposit between multiple accounts, including percentage or amount allocations

2. International Wire Information: Section required only for international bank accounts, including SWIFT/BIC codes and international routing information

3. Payment Frequency Selection: Optional section for selecting payment schedule if multiple options are available

Suggested Schedules

1. Void Check Attachment: Space for attaching a voided check or bank documentation to verify account information

2. Privacy Notice: Required disclosure statement explaining how the employee's financial information will be handled and protected

3. Bank Verification Letter: Alternative attachment option for cases where a void check is not available

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Authorization and Consent
Account Information
Payment Instructions
Terms and Conditions
Privacy
Verification
Changes and Modifications
Termination
Processing Timeframes
Error Resolution
Multiple Account Distribution
International Transfer Terms
Payment Frequency
Cancellation Rights
Electronic Statement Consent

Relevant Industries

Any industry with employees
Banking and Financial Services
Payroll Services

Relevant Teams

Human Resources
Payroll
Finance
Benefits Administration

Relevant Roles

Payroll Administrator
HR Manager
Finance Director
Benefits Coordinator

Find the exact document you need

Vendor Ach Form

A US-compliant authorization form for setting up automated electronic payments to vendors through the ACH network.

How Genie AI reduced drafting time by 75% for a legal firm

Let's create your Direct Deposit Information Form

Authors

Alex Denne

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