Direct deposit is a form of electronic payment system from one bank account to another. For example, money transferred from an employer’s bank account to an employee’s bank account. It can also become a credit for those who placed it, can be withdrawn, transferred to another party, or used to pay for other things and services.
With this free direct deposit form template, you’ll have a very standard direct deposit form which can be used for any official or business purpose.
Direct Deposit Form Template
Use for Word, OpenOffice, and Google Sheets
When someone receives funds through direct deposit, the account balance will automatically increase when the payment arrives. Likewise, when someone pays with direct deposit, checking account balance will automatically decrease when the payment leaves the bank.
Uses of Direct Deposits
- Payment: Sometimes, high-value products require a deposit before execution and delivery. Advance payments are usually made using these type of forms in banks, while full payments are done in person on delivery.
- Payroll: In many cases, paying the workers in person requires a lot of time and energy. Direct deposits are a good way to solve this problem where it can be withdrawn even at the same time. It’s and hassles free electronic payment that ensures on-time payments.
- Savings: Providing a safe and secure place to keep a person’s hard-earned money is the main purpose of banks. Direct deposit also works as savings in the hour of need.
- Monitoring: Direct deposits also help Banks to monitor money deposited within a business day. It makes sure that all funds are collected by the bank and nothing slips through the cracks.
Required Information in Direct Deposit Forms
- Bank’s routing number.
- Checking account number that is used for all deposits and withdrawals.
- A Voided check for the verification of checking account information.
- Bank’s address.
It is very important that deposit forms describe the type of funds is being deposited along with the account in which the fund should be placed. A properly filled deposit form ensures a safe and proper transaction. Direct Deposit Forms save the hassle of visiting a bank in person. They provide fast and trouble-free processing. With a deposit form, the safety and accuracy on deposit are guaranteed. After you have set up Direct Deposit for your federal benefits or payroll compensation, you will be at ease because hassle-free payments are going to be received on time. You don’t have to worry about losing your money by losing the checks you receive. Even checks sent in the mail sometime go missing. Direct Deposit ensures the peace of your mind and money.