Get Pennsylvania Electronic Funds Transferdirect Deposit Authorization Form

Generally, direct deposits are for ongoing payments, like salary/payroll, whereas wire transfers are for single (generally large) payments to another person or institution. As such, the situations where you'll be using these types of transfer methods may differ substantially.

With direct deposit or electronic funds transfer (EFT), the general public, government agencies, and business and institutions can pay and collect money electronically, without having to use paper checks. Direct deposit (EFT) is safe, secure, efficient, and less expensive than paper check payments and collections.

Because direct deposits are electronic fund transfers that always go through the ACH network, you will need to obtain an employee's bank name, account number and bank routing number, as well as the type of account. Once this information is received, you can set up the direct deposit details with your own bank account.

What is direct deposit? Direct Deposit (Electronic Funds Transfer) is the electronic transfer of your paycheck, benefit check or other payment into your checking, share draft or savings account, or other low-cost account offered by your bank.

What is that? An Automated Clearing House (ACH) authorization is a payment authorization that gives the lender permission to electronically take money from your bank, credit union, or prepaid card account when your payment is due.

How Does EFT Work? EFT payments need two parties to work: a sender and a receiver. When the sender commits to sending funds to the receiver, that payment goes out through the appropriate payment network and moves money from the sender's account to the receiver's account.

Here are the most common types of EFT: Electronic Checks. In this payment, a digital check is generated upon the payer's authorization. ... Direct Deposit. With direct deposit, funds are automatically deposited into an account with little to no paperwork. ... Phone Payments. ... ATM Transactions. ... Card Transactions. ... Internet Transactions.

The Electronic Funds Transfer Authorization Form contains a form that may be used to gather information from your employees that is needed to establish an electronic funds transfer program. The file is in rich text format (RTF) that is suitable for use with most word processing programs used in the Windows environment.