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Chase Direct Deposit Form (Free Template)

Direct deposit is a simple, secure, and convenient way of receiving or sending salaries or other regular payments. Chase bank has made this process easy for employees and employers by providing the chase direct deposit form. Through this form, employers obtain authorization to automatically send/deposit payments to a specified chase bank account. Once signed and implemented, the employer can send payments automatically and digitally to the employeeโ€™s account.

Due to the convenience of direct deposits, most employers will want to have this option for their employees. So, understanding how the form works is necessary for employees in the current job market. The specifics of how much and how often the deposits are to be made as agreed on between the employer and employee should be included in the form. The chase direct deposit form allows employers to include more than one bank account for employees who want to separate their paychecks into different accounts. Employees should indicate how much or what percentage of their paychecks should be deposited in each account. To ensure that the details such as bank routing number and bank name are accurate in the authorization form, employers can ask for a voided check from the employee.

This article will describe how the chase direct deposit form works and details how to fill out this form accurately.

Chase Direct Deposit Form

Chase direct deposit form is a statutory form that provides authorization and instructions from an employee to their employer to send/deposit paychecks/salary directly into a specified account at Chase Bank.

This direct deposit form is to be completed by the employee who has a chase bank account with all relevant information regarding the account (account number, routing, name on the account, etc.). The completed and signed direct deposit form is then submitted to the employer, who will send paychecks or salary directly into the employeesโ€™ chase bank account whenever they are to pay the employee.

This eliminates the need to print physical checks and have employees deposit them themselves, as the payment process is automatic and electronic. The frequency of payments and amount of pay should be agreed on before filling out the form. The employer will typically provide the form immediately after hiring the employee. The employee fills out the direct deposit form and submits it to the employer, often HR or Payroll department. The form accords the employerโ€™s legal authorization to handle the employeeโ€™s payments as directed by the formโ€™s instructions and is thus a means of remaining compliant for employers. Obtaining and utilizing an employeeโ€™s bank information without authorization can result in serious legal issues.

Alternate names

Alternative names of the form include:

  • Chase Direct Deposit Authorization Form
  • Chase Bank Direct Deposit Authorization Form
  • Chase Bank Direct Deposit Form

Advantage

Direct deposit is an efficient way of receiving and sending regular or recurring payments by simplifying the process. It is fast, thus saving the time of the traditional issuing, receiving, and depositing physical checks. Direct deposit also provides a reliable means of tracking payments.

How Does it Work?

Employers can set up automated payments with chase direct deposit forms and schedule them. This eliminates the need for an employer/individual to print checks; employees need not waste time going to banks or other places to deposit checks. All transfers are electronic. The process for getting direct deposit started is quite simple.

Here is a simplified process of how direct deposit works:

Identify a direct deposit provider

First, identify a bank that offers direct deposit services. Most banks will often have this option. However, if not available, look for third-party payroll/HR services or software that can offer direct deposit services. Most employers often pursue this option. Some payroll software can handle such services regardless of the business size. So, select one that meets the companyโ€™s payment needs.

Setup the process and implement

Next, meet with the bank or third-party service provider and discuss setting up and implementing the direct deposit process. This process will involve agreeing on service fees, observing presentations, learning how to complete direct deposit, signing contracts, and providing the necessary documentation.

Gather employee data

Once the arrangements have been made with the bank/third party, have all current and incoming employees fill out and sign the chase direct deposit forms and submit them. Each form must provide the following information: bank name, account type, routing number, and signature. The employer then sends or forwards it to the payroll system for verification and processing. Some payroll systems will allow employees to create portals where they can log in and provide the needed information themselves. Utilize whichever convenient method is offered by the payroll system.

Schedule and run payroll

After that, the employers send payments directly into employeesโ€™ chase bank accounts every time they are to pay them until the form is removed. Plan accordingly by setting deadlines for employees to submit the number of hours they will be compensated for.

Since most payroll banks or third-party service providers may have cut-off days for employers to submit the required information before payments can be released, plan to ensure the payroll administrator has enough time to go through the payroll. Once the process has been finalized, the employer submits the hours, and the bank deposits the money accordingly.

How to Fill Chase Direct Deposit Form

Chase direct deposit form is a statutory and thus legal form. Therefore, it will have blank spaces that must be filled to be enforceable. To ensure this form is accurately and diligently completed, here are steps on how to do so:

Bank name

The associated bank initially issues the form. The form will thus include the name of the bank at the top. For example, Chase Bank. This is the bank where the employee wants their money to be deposited.

Employeeโ€™s detail

The direct deposit form will contain information on the employee. In addition, the form will indicate which type of information is required. Commonly the information requested is as follows:

  • Name – The form must state the employeeโ€™s full legal name. This will help make the process of tracking payments more straightforward and efficient.
  • Address โ€“ The employeeโ€™s address should be included in the direct deposit form. This information is used for correspondence if necessary.
  • City, state, zip code – The form must also have the city, county, and state where the employee lives.

Type of account

The bank will also require the employee to indicate often which type of account and the account number the employee wants their payments to be deposited in. The form outlines the different types of accounts the employee can hold. The employee should select appropriately. The common types of accounts are savings and checking. 

Bankโ€™s routing number

Next, indicate the bankโ€™s routing number. This set of characters identifies the banking institution and its location where the employeeโ€™s direct deposit will be sent.

โ€œI hereby authorizeโ€™โ€™ statement

Since a chase direct deposit form is a legal authorization form, it must contain a statement giving the employer authority to transfer money into the specified account.

Employerโ€™s information

Then, provide the employerโ€™s details to clarify who will be making the deposits into the account. Details to provide include:

  • Name โ€“ The official name of the employer or paying entity.
  • Address โ€“ Give an address of where the employer/entity is located.
  • City, state, zip code โ€“ Specify the city, state, and zip code of where the company is located.

Employeeโ€™s signature

To make the document legally enforceable, the employee must attest to authorizing the direct deposit payments by signing the form. The signature attests that the documentโ€™s provisions are true and accurate as per the employeeโ€™s knowledge. 

Date 

Lastly, the date of signing the form should be included. This marks the date from which the form becomes legally effective.

Chase Direct Deposit Form

"Free MS Word Chase Direct Deposit Form Download"

    Other Common Methods to Pay Employees

    Other than direct deposit, alternative methods to send and receive payments do exist. They can be explored where circumstances do not favor direct deposit.

    These payment methods include:

    Cash

    The most common form of direct payment is cash. The employee will receive physical cash from the employer. However, this method requires thorough tracking and keeping records, especially since the IRS often pays close attention to companies that pay employees through cash. Cash payment is effective in evading transaction fees.

    Physical paychecks

    This involves the employer giving employees physical cheques. This is after deducting applicable deductions such as tax withholding. This method is time-consuming if the cheques are handwritten. While printing can be faster, use a reliable printer and backup ink and paper to produce a professional direct deposit form.

    Virtual wallet

    Virtual wallets are also a modern payment alternative that employers can pursue. Examples of virtual wallets are Apple Pay, Venmo, etc. Employees can access their virtual wallets using their phones. This method is convenient, but terms and conditions, as well as fees, are applicable. Also, it requires the employees to sign up for the virtual wallet. 

    Payroll card

    A payroll card is a plastic card the employee receives after being hired by the employer. This is after the employer arranges with a financial institution to utilize their payroll cards. The worker can then use the card to receive direct deposits into the card and not their bank account. However, the card has a network fee associated with withdrawals. As a result, payroll cards may not always be cheaper than other methods.

    Frequently Asked Questions

    How to get a direct deposit form from chase?

    The direct deposit form can be downloaded and filled out online or printed out to be completed manually. Once downloaded, it should be completed as per the instructions.

    What time does direct deposit hit chase?

    Once correctly filled and submitted to the employer, it usually takes two payments for the direct deposit to become effective. Once effective, it typically takes one business day for the money to reflect in your account. So, once the employer sends the money, employees should expect it to reflect in their account the next business day, around 3 to 5 oโ€™clock in the morning. Contact the bank for assistance if the money is not reflected in the account.

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