Free Direct Deposit Request Form Template

Tips For Using the Direct Deposit Request Form Template

A direct deposit request form is a document that allows you to request your employer or organization to transfer your paycheck or other payments straight into your bank account. It's a great way to save time and money since you don't have to write checks or go to the bank.

How Does Direct Deposit Work?

When you initiate direct deposit, you provide your bank account details, such as your account number or routing number, to your employer or another organization. Your employer or another organization will then electronically transfer payments into your account at regular intervals- monthly or weekly.

How Do I Write a Direct Deposit Request Form?

Your direct deposit form should collect the employee, name, address, phone number, and bank account information. Here’s how to create an instant direct deposit form with Formplus:

Step 1: Select the "Direct Deposit Request Form" template.

Step 2: Edit and customize the form to fit your specifications

Step 3: Set up your preferred settings- privacy, notifications, and others

Step 4: Share the form with employees via email, QR code, or embed it on a webpage.

Is Direct Deposit a Bank Transfer?

Direct deposit is a type of bank transfer, but not all bank transfers are direct deposits. A bank transfer is any movement of money between two bank accounts, regardless of the method or purpose. A direct deposit is a specific kind of bank transfer for payroll, benefits, or other recurring payments.

How Long Does Direct Deposit Take?

The time it takes for direct deposit to take effect varies depending on your employer or organization. The deposit time is influenced by factors such as the payer's bank, the recipient's bank, and the payment service used.

However, direct deposits are typically processed within one to three business days, but some banks may offer same-day or next-day deposits.

How Do I Get a Direct Deposit Letter from My Bank?

You can get a direct deposit letter from your bank by contacting customer service.  You can also simply download the Formplus direct deposit form template, fill it out, and submit it to your company.

Also, as an employer, you can seamlessly collect employees' details and set up recurring payments with the Formplus direct deposit form.