How to Use Direct Deposit Authorization Form Properly
A direct deposit authorization form just like the name implies is a form that gives authorization for a company or organization to do a direct deposit to your bank account with your permission. There are many situations where this might happened. However, the most regular one is the direct deposit that is done by a company when they are going to transfer money to your account for your salary.
You will have to advise them with your full bank account details, such as your bank name, bank account number, full name listed on your bank statement, and many more. You can get this kind of form directly from the bank by going to one of the branches that they have or downloading one online.
If you need to set up a direct deposit from your employer, then you will have to fill out the direct deposit authorization form properly so that there is no mistake when the company is trying to pay you by transferring your money online. You will need to make sure that you fill out the form properly and after that, you should give the form to your employer for them to fill out as well.
Once the form is filled out, either the person that is in charge of your payroll from the company sends the form to the bank or you can take the form back yourself too. Before handing in the form, you have to sign the form too as a sign of acknowledgment and agreement for the authorization form.
For regular payments or deposits, you can use this type of form to avoid going back and forth to the bank all the time. This way, your payment will be sent straight away to your savings account with your permission.
The form itself is to make sure that no non-authorized deposits are done to your bank account, just in case they are in any conjunction of frauds or other matters. The direct deposit authorization form will include all of your detailed personal information that you have to fill in especially your banking details, along with your employer’s details as well.
Deposit Authorization Form Template | Word – download