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Direct Deposit/CashPay of Employee Checks

>> Payroll/Disbursement Enrollment or Cancellation Form <<

TO: All VSU Employees
FROM: Payroll Department
DATE: November 16, 2005
RE: Direct Deposit/Cash Pay Enrollment

The Payroll Department would like to remind you that Direct Deposit or Cash Pay is available as a quicker and more convenient way of receiving your VSU payroll.

Direct Deposit is for those employees who have or plan to establish a savings or checking account with a banking institution of their choosing.

CashPay is for those employees who opt not to have a banking relationship with any banking institution. The University has partnered with its bank to offer CashPay as an alternate to Direct Deposit. You do not need to have an existing bank account to participate in CashPay. Once you sign up, it will take approximately 2 weeks for you to receive your CashPay card. It will arrive via U.S. postal mailed to your home address.

Under both plan, VSU will electronically deposit your pay directly into your account on payday. You will receive an “Advice Slip” indicating the amount of money deposited into your account, your gross pay, taxes, and any deductions/reductions taken. Here are some of the benefits under both plans:

Direct Deposit – Benefits Cash Pay – Benefits
No more waiting in lines to cash checks No more waiting in lines to cash check
Funds available by 8:00am Funds available by 9:00am
No check cashing fees Reduce Check cashing fees
Can instruct Payroll to deposit your pay into several accounts CashPay card can be used to make purchases like a debit card.
No bank account is needed

If you are interested in receiving your Payroll from the University directly in your bank account or through the Cash Pay program, please complete the form found via the following web link and submit it to the Payroll Department.

Payroll/Disbursement Enrollment or Cancellation Form

Should you have any questions or concerns please call the Payroll Department 333-5708 and we’ll be happy to address them.

Frequently Asked Questions on Direct Deposit
Frequently Asked Questions on Cash Pay

What is Direct Deposit and its benefits?
NO MORE WAITING IN LINE AT THE BANK ON PAYDAY ! ! ! ! ! ! ! ! ! !
Direct Deposit provides the convenience of having your paycheck electronically deposited into the financial institution account(s) of your choice. You will never have to waste time standing in line at the bank to deposit your paycheck, worry about mail delays or lost checks, or miss your paycheck while you're out of the office. You can do Direct Deposits to many different accounts and/or banks. A majority of University staff, faculty, and students currently are taking advantage of Direct Deposit. Many banks and financial institutions offer incentives for using Direct Deposit, as well. Direct Deposit is safe, simple and convenient.
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How does Direct Deposit work?
VSU electronically deposits your pay directly into your account(s) on payday. You will receive an "Advice Slip" indicating the amount of money deposited into your account(s), your gross pay, taxes, and any deductions/reductions taken.
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When are funds from Direct Deposit available?
Your money is immediately available by 8am on Payday.
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How do I sign up for Direct Deposit?

  • Fill out a Payroll/Disbursement Enrollment or Cancellation Form and attach voided check(s) or deposit slip(s) as required.
  • Then, submit the completed form to Human Resources or the Payroll Department. You must fill out the application correctly and accurately; otherwise, it will be returned unprocessed.
  • For monthly employees, applications are due by the 31st to be effective for the following month.
  • For bi-weekly employees, it will take 3-4 weeks before Direct Deposit begins.

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Can I set up Direct Deposit to more than one bank?
Yes. VSU can split your net payroll between multiple accounts and/or banks. However the split can only be done by a percentage; we cannot deposit a flat dollar amount to a bank.
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What do I do if I close an account to which I have Direct Deposit?
You must notify Payroll Services immediately. Complete the Payroll/Disbursement Enrollment or Cancellation Form and submit it by the 12th of the month for monthly employees or by the end of the pay period for bi-weekly employees. If money is sent to a closed account, Payroll must wait for the funds to be returned before issuing you a replacement check. This can take up to four banking days.
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What do I do to change my Direct Deposit?
If you want to change your Direct Deposit, submit a Payroll/Disbursement Enrollment or Cancellation Form by the 12th of the month for monthly employees or by the end of the pay period for bi-weekly employees.

To change your Direct Deposit instructions, you must submit a new Payroll/Disbursement Enrollment or Cancellation Form. Your current instructions will remain in place. However, if you are making the change because you have closed an account, you should first submit a Cancellation Form to stop fund transfers to that account, otherwise a deposit to the closed account could occur, and you could experience a delay in accessing those funds. (See the above question.)
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What is Cash Pay?
The University has partnered with Bank of America to offer a new employee service called "CashPay". CashPay is a Visa-branded card, which allows you, the employee, access to your pay 24 hours a day, 7 days a week via purchases everywhere Visa is accepted, ATMs and PIN-based point-of-sale (POS) terminals.

The CashPay account will be a separate account from your checking or savings account, and is with Bank of America. You do not need to have an existing bank account with Bank of America to participate in CashPay.
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What are the benefits of having CashPay versus receiving a check?
    The principal benefits are:
  • Saves time--easy access to pay by 9:00am (standard direct deposit availability of funds) and no waiting in lines to cash a pay check.
  • Improved convenience--use for purchases everywhere Visa is accepted, for purchases at PIN-based point of sale locations, and to withdraw cash at virtually any ATM 24/7.
  • Improved security (No longer have to walk around with large amounts of cash).
  • Reduced check cashing cost (some pay up to 15% of face value to cash check at check cashing stores).
  • Improved control over money (take only what you need, when you need it).
  • Account information and Customer Service available 24 hours a day, 7 days a week.

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How do I sign up for a CashPay Card?
Complete a Payroll/Reimbursement Enrollment or Cancellation Form available at Human Resources/Payroll Department or on line at http://www.valdosta.edu/finadmin/financial/documents/payroll_reimbursement_form.doc.

If this is your initial set up for CashPay, leave the account number field blank on the "Payroll/Reimbursement Enrollment or Cancellation Form". It will be assigned by Bank of America once the Payroll Department submits your application. Be sure your home address is accurate on the Payroll System. Your pay advice slip will reflect the current address on the system. If it is incorrect, Students contact the Payroll department. All other employees contact the Human Resources immediately to correct.
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Do I have a choice between direct deposit and CashPay?
You may direct 100% of your paycheck to CashPay, or only a portion of your pay, as long as the rest of your paycheck is direct deposited to other bank accounts. You may not receive a portion of your pay as CashPay, and the remainder on a paper paycheck.
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How long will it take to receive my card?
Once you sign up, it will take approximately 2 weeks before you receive your card. It will arrive via U.S. postal mailed to your home address. For those employees enrolling prior to August 1, 2005 you must bring your ABA and account number to Payroll to be prenoted and reimbursed the enrollment fee.
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Can I sign up for additional CashPay accounts?
Yes. You may have more than one CashPay account for one employer.
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What if I work for more than one company?
Simply provide your CashPay routing and account number (obtained from CashPay Customer Service) to each company and all deposits will be made into your CashPay account. Or, if you desire, you may have a separate CashPay account for each company.
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Will my name appear on my CashPay card?
Yes, your name will appear on the CashPay Card.
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Can my CashPay account be a joint ownership account with my spouse?
No. All CashPay accounts will be issued in your name only, similar to how your paycheck is issued in only your name.
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Can I use my CashPay card immediately?
Once you receive the card, you must call into CashPay Customer Service to activate the card. Once this occurs, you may use the card as soon as VSU makes the deposit on your regularly scheduled payday.
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How can I be sure of the balance in my account?
You can complete a balance inquiry using automated account information via the toll-free customer service number or at an ATM. If you have a Visa-branded CashPay card you may also check your balance online at http://www.cashpay.com. It is recommended that you perform a balance inquiry first, so you will know how much money is available in your CashPay account. CashPay will allow you to make unlimited balance inquiries at an ATM.
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How do I make a Visa purchase using my CashPay card?
You can use your CashPay Visa-branded card wherever you see the Visa sign. Just press "credit" and you will be asked to sign a receipt.
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Can I get cash at a POS terminal?
Many merchants or stores, like grocery and convenience stores, and U.S. Post Offices, will offer the ability to take up to a certain amount in cash back with the purchase. The amounts could vary by merchant, but usually are $20, $50, or $100.
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Do I have to take my entire paycheck on payday?
No. You may use your CashPay card everywhere Visa is accepted, at ATMs and at pinned point- of-sale (POS) terminals for any portion of your available balance as often as you like. Safeguard your money and take only what is needed.
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Is there a daily maximum I can take from my CashPay account?
No. Unlike a traditional bank account, CashPay has no daily purchase or withdrawal limits and you have full access to your available balance at any time. However, ATM owners determine how much their ATMs will dispense per transaction (up to 40 bills/$800) and the employee may need to make multiple withdrawals to take the amount needed. If more cash is required, back-to- back withdrawals can be made.
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Are there transaction fees and when are they charged?
You will receive a CashPay Schedule of Fees with your card. Fees are charged as they occurred. Any fees charged to your CashPay account will be deducted and listed on your monthly statement.

For more information about fees in the CashPay program, please contact VSU Payroll Department at 229-333-5708.
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Who should I call with questions about my CashPay account?
You will be provided the toll-free CashPay Customer Service number when you receive your card. This number is displayed on the back of your card as well as on your monthly statement received in the mail.
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What are the Customer Service Hours?
For your convenience, both automated account information and dedicated Customer Service Representatives are available 24 hours a day/7 days a week.

CashPay automated account information options include:

  • Card activation
  • PIN selection and changes
  • Check account balance and recent transactions
  • Check date/amount of last deposit
  • Transfer funds to another account
  • Opt to speak to a Customer Service Representative
CashPay Customer Service representatives can help you with the above options, plus:
  • Change of name and address
  • Resolve a question about your account statement
  • Process duplicate statement requests
  • Investigate transactions
  • Process lost/stolen/damaged card reports
  • Request an emergency cash transfer
  • Close your account

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Who should I contact concerning the amount of pay or amount credited to my account?
Contact VSU Payroll Department--Do not call CashPay Customer Service.
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Can I use my local banking center for customer service on this account?
No. All CashPay customer service needs must be directed to the toll-free CashPay Customer Service number. Banking centers can assist with standard checking and savings accounts, but not CashPay.
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How do I get my address changed on this account?
All account maintenance activities should be directed to a CashPay Customer Service Representative. It is important that you inform Human Resources and Payroll Departments immediately as well.
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What time of day can I withdraw my pay?
Your pay will generally be available at the traditional opening of business on the payday, or approximately 9am. After this time, you can withdraw your pay virtually 24 hours a day.
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What will I receive in my card package?
The following items are in your Card package:

  • CashPay card
  • Safety tips when using the ATM
  • "About Your CashPay Account" booklet (holds card in front cover)
  • Deposit Agreement, Schedule of Fees and Privacy policy

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How do I make changes or cancel this service?
Complete the "Payroll/Reimbursement Enrollment or Cancellation Form" to cancel or make changes to existing instructions. (NOTE: Any changes or cancellation of instructions must be received at Payroll Services at least 15 days before payday.) You may also take the card with you if going to another company. Simply inform Customer Service & they will provide you with the information needed to give to your new employer. As the cardholder, you can then call Customer Service to close the account directly.
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Note: Only the account owner can close a CashPay account.