Financial transactions have entirely been digitized and computerized in the modern era. Nowadays, people rarely stand in the banks to deposit cheques and make payments. When it is required to pay many people with different amounts of money, such methods are preferable against manually depositing cheques.
Direct deposit authorization forms require a list of details to be entered before submission. These contents differ through various banks, but the common list of contents is given below.
Content present in Direct Deposit Authorization Form
If there are any missing fields, it will only result in the delay of the process. The list of content details to be filled are given below.
Type of Direct Deposit
This will be required to be filled at the top of the page itself. The reason or remark of the direct deposit will be asked with a list of options like Employee Payroll, Investment Income or Retirement. This might be rendered as optional or will not even be given in the forms in certain banks.
Company Name
The name of the company the employee is working in should be filled in the field at the top, next to the type of direct deposit. This is required to direct the payment to employees of the given company.
Address
The address of the company branch should be mandatorily mentioned in the field. Giving the address will make sure to narrow down the transaction range and quicken the process.
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Account holder’s name
The name of the person or employee submitting the form should be the one from whose account, the transaction is being made. Their name should be mentioned in the field.
Account Number
The account number is used to directly access the bank where the transaction is incurred. For multiple transactions, multiple account numbers should be specified, if the person has different accounts.
Date
The date should definitely be mentioned in the field at the bottom of the form. Filling the date will quicken the process and helps to get it done without needless complications and such.
Some Quickbook Direct Deposit Authorization Forms
Given below are a few templates for Quickbooks Direct Deposit Form
Employee Direct Deposit Authorization Template
This form is signed by employees and workers who are in need of automatic deposit of cheques. They must attach with the form, a voided cheque to verify their account and bank numbers easily.
Employer Direct Deposit Authorization Template
This type of form template is used by employers or human resource managers of companies to create forms for their employees to facilitate direct deposit authorization.
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Payroll Calculator Template
To monitor and maintain records of payments of employees in a structured fashion, this type of template is used. Here too, a voided cheque or a deposit slip should be attached to the form.
Bank Direct Deposit Form Template
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This template can be used to also switch off direct deposit by adding information and proper reason to do so. The receiver may switch off the authorization by letting the originator know as mentioned in the form.
Vendor Direct Deposit Form Template
These templates are commonly used by vendors to direct payments by elaborate means to multiple sources. The content structure is much different than other form templates.
Final Words
These aforementioned templates can be used as direct deposit authorization forms depending upon the payer and the payee, and the amount to be paid.
