Direct Deposit Program
Who is eligible for direct deposit?
Effective July 1, 2004, the University will be requiring direct deposit of net pay for all eligible employees who have not yet signed up for this method of payment. Employees earning less than $600.00 per week cannot be mandated to participate but for reasons cited above, we would urge you to enroll. If you do not have a bank account we would remind you that the BankMobile Vibe Account can be used as a checking account through BankMobile Disbursements, making access to your net pay as simple as visiting any Allpoint Network ATM machine or thousands of others in the area.
For more information on Direct Deposit of Payroll, please visit the Finance and Planning website at f&a. Fill out the application for direct deposit, then print and fax the form to the Payroll Office to 914-923-2681.
Academic Federal Credit Union
You can also elect the option of direct deposit from the Academic Federal Credit Union.
The Academic Federal Credit Union is affiliated with Pace University since 1976. Staff members, their spouse and children are eligible to join.
Please contact the Credit Union at 914-923-3608 or visit their web site at www.AcademicFCU.org.
Enroll in the Direct Deposit Program
To enroll in the program, complete the Direct Deposit Application form. If you wish to link your Checking account to Direct Deposit, attach a voided check to the enrollment form as proof of your bank’s ABA number and your Checking account number (the ABA number is the first nine numbers prior to the account number at the bottom left corner of the check). To have your pay deposited into your Savings account, please contact your bank for your ABA number.
Sign the form and submit it to your Payroll Office. Depending on when the form is processed, your direct deposit will start within one or two pay periods. You can change your financial institution, designate a different account, or cancel direct deposit at any time by using the same form.
Once you are enrolled in direct deposit, your direct deposit will take effect 2 pay periods after the signing of the application. Your statement can be accessed online at pay statement documenting your gross and net pay along with your tax withholding and other deductions.
Change of Account Information for Direct Deposit
After a change of account information for direct deposit, the interim paycheck will either be mailed to your permanent address or send to your department.
If you need further assistance locating your check during this transition please contact the Payroll department for further assistance at 914-923-2898
The Benefits of Direct Deposit
The benefits of Direct Deposit are many and varied, but for starters, they include the following:
Direct Deposit is simple.
- Once you have signed up for Direct Deposit, you don't have to go to the bank to deposit checks.
- Your money is automatically deposited into your account on time, every time - and you don't have to be at work - or even in town!
Direct Deposit is safe.
- Direct Deposit payments never get lost.
- Direct Deposit is confidential. Money is transferred electronically and passes through fewer hands than a check.
- Problems with Direct Deposit, which are rare, are quickly resolved.
- A high percentage of identity theft starts with someone seeing your personal financial information on a paper check, billing statement, or bank account statement. Once electronic payments are set up, the money travels electronically, greatly reducing the number of people who see your personal information.
Direct Deposit is smart.
- Direct Deposit gives you access to your money earlier than check deposits. There is no waiting for checks to clear.
- Direct Deposit puts you in charge of your money. Financial planners recommend Direct Deposit as one step towards gaining control of your finances.
- Direct Deposit is a smart way to help the environment – it reduces use of paper and also saves fuel and CO2 omissions by reducing trips to the bank to deposit checks.
Direct Deposit is free.
- There is no fee to enroll.
Direct Deposit is Easy.
With 6 Simple Steps you can sign-up for direct deposit... Signing up for Direct Deposit using employee Self-Service via the Pace Portal. Log into Pace portal: https://portal.pace.edu
- Select > Faculty or Staff
- Click > Employee Information and Pay Advice
- Select > Employee Information and Pay Advice
- > Self Service Update for Direct Deposit
Please see instructions on how to add direct deposit information.
- Bank Rounting number
- Account number
- Account type
- Percent or Amount allocation
- Select > Payroll Deposit
- Click > Save
- All new records will have a status of pre-note, and will take effect the next available pay period; (4 week timeframe during the pre-notification process with the bank).
- In the interim checks will be mailed to your (PR) home address on file.
If you have any questions, please contact the Payroll Department at: (914)-923-2898 or via email: firstname.lastname@example.org.