Add Direct Deposit Information
Purpose: To show you how quick and easy it is for an employee to update their direct deposit information in BambooHR.
Pay Info tab
An employee can update their direct deposit information by going to the Pay Info tab and clicking Update Direct Deposit.
Update Direct Deposit
A pop-up box will appear where the employee can add direct deposit details. When adding direct deposit information, know that order matters. Be sure to add the bank details in the order you'd like them to deposit. As you can see in the screenshot above, the first direct deposit will be a % or $ of the total. The next direct deposit will only be a % or $ of the remaining total. This pattern continues until the last direct deposit. If there is any amount left over after the final deposit, an employee will get a printed paper check for the remaining balance. To avoid the need for a paper check, indicate 100% of the remaining total on the last direct deposit listed.
To add a new bank account, click + Add Account.
Add an account
An employee will need to add the following information for each bank account:
- $ or %: Determine an exact amount or a percentage of the remaining total.
- Amount or Percentage: If selecting $, then enter an exact amount. If selecting %, then enter the percentage amount.
- Account Number: Enter their account number.
- Routing Number: Every bank has a routing number tied to it. The employee needs to enter their bank's specific routing number. If they enter one of the top 25 banks in the U.S., then the bank's logo will appear on the right. If they enter a bank that is not in the top 25 banks in the U.S., then a basic bank logo will appear.
- Account Type: Select if the account is a Checking or Savings account.
Once the direct deposit information is complete, click Save, and the information will appear in the Direct Deposit table.
When an employee updates their direct deposit information, the employee and payroll contact (listed in Payroll Settings) will receive an email notification.
If an employee's deposit was returned, TRAXPayroll will email the payroll administrator within 2 business days from your applicable pay date. The email will provide information and options for re-depositing the funds on the next business day. You will be required to reply to the direct deposit notice and let us know the bank account information has been updated for the employee in BambooHR by 11:30 a.m. (PT) on the day of the notice for us to re-deposit the funds on the next business day. If we do not hear from you by the required time to re-deposit, the funds will automatically return to your company's bank account. From there, you will need to issue the employee the funds through another method (i.e., in-house check or wire). Please note there are fees associated with correcting or redepositing failed direct deposits.
To avoid the possibility of any future deposit returns, please make sure that the employee's bank information updates in BambooHR and the changes have synced over to TRAXPayroll before you run payroll again for the employee.