Set Up Payment Elections/Direct Deposit

What is Direct Deposit?

Direct Deposit is the process whereby the university deposits your pay directly into the savings or checking account of your choice. Miami Employees are strongly encouraged to set up a Direct Deposit for Payroll purposes. The advantages of Direct Deposit are:

• Direct Deposit is fast and convenient, it eliminates the need for employees to make trips to the bank to deposit their paychecks. The funds are automatically deposited into their bank account, and they can access them on payday. This is especially beneficial for employees who may not have easy access to a physical bank branch.
• Direct Deposit is safe because your funds are automatically deposited into your bank account. It eliminates the risk of lost or stolen checks, which can also reduce check fraud and identity theft.
• Direct Deposit gives employees more control over their finances, they can easily set up automatic transfers to checking, savings accounts, or investment accounts, helping them to save money and reach their financial goals faster.
• Direct Deposit is an environmentally friendly option as it eliminates the need for paper checks, envelopes, and stamps.

In Workday, Direct Deposit is entered under the Payment Elections of Pay application.

To add direct deposit, log in to Workday. From the Pay application, click on Payment Elections. Be sure to have all of your banking information at hand (account numbers and routing numbers).

If you would like step by step instructions to set up your payment elections, you may visit the Canvas Workday System Preview Courses and select "Set Up Payment Elections" under the Generic Workday Job Aids table.

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