Direct Deposit of Payroll
As a benefit to our employees, effective 4/1/95, our company implemented a system that allows employees’ payroll checks to be directly deposited into their bank accounts. All new employees hired after the effective date are required to participate in the direct deposit system (see Group Banking section). The Authorization For Direct Deposit Form (Form No. 510) must be completed by the new employee at orientation. A voided check or a deposit slip for each designated account must be attached, and each document is to be clearly marked as either checking or savings. It will take approximately four weeks to implement direct deposit for an employee’s payroll check. In the interim, checks will be mailed to the employee’s home address.
Our company's workweek begins on Monday and ends on Sunday. If an employee has not received his payroll check by Friday (employee opting for direct deposit) or by Tuesday (for other employees), the employee may report this to his division office. The division will call Corporate Services and request a stop payment. After Corporate Services has verified that the check has not cleared the bank, a stop payment will be placed on that check, and a replacement check will be issued either by Corporate Services or the division. The division will advise the employee that a stop payment has been placed on the original check. When the employee receives the original check, he will return it to the division office to be forwarded to Corporate Services. When an employee leaves the Company for any reason, the last check will be issued as a paper check and not direct deposited. That check will be available at the Division Office.