Employee Non-Payroll Direct Deposit Policy

I. Scope

This policy applies to all university employees.

II. Policy Statement

It is the policy of Indiana Wesleyan University that all employees shall be required to enroll in direct deposit for payment of all employee payments processed through Accounts Payable. These payments may be for any accounts payable (non-payroll) payment.

III. Reason for the Policy

This policy exists as a way to reduce university expense and better steward university resources.

IV. Procedures

Employees are required to enroll in direct deposit by following the instructions given by the Procurement Services department. Direct deposit of employee payments cannot be set up to go to a third party's account. This includes any account where the employee is not named on the account. Failure to timely submit the direct deposit information will result in a delay in the processing of payments until such time as the process is completed to establish direct deposit.

Employees are responsible for keeping their financial institution (bank) information current. If a deposit must be returned due to a closed account, there will be a delay in the reissuing of those funds.

There are certain, limited circumstances under which payment by paper check rather than direct deposit may be permitted. Any exceptions to this policy need to have written approval by the Controller.

V. Definitions

“Direct Deposit” means the electronic deposit of funds directly into a bank account as a form of payment. Direct deposit is also known as “ACH” and “E-check”.