Employees may request to deposit their net wage payment into up to three financial institutions or accounts.
For all new hires, direct deposit is required, unless the employee is hired for a period of fewer than 90 days, they are unable to open a bank account, or they do not live or work in a location near a bank or ATM. Employees who meet this criteria can review the exemption provisions in the policy statement.
For CU-Boulder, UCCS, CU Denver and CU Anschutz employees, this exemption requires approval signatures from the employee’s supervisor, and the campus controller. System Administration employees must get approval signatures from their supervisors and the university system controller.
- Download the Direct Deposit Authorization Form. (All departments should provide new employees with a copy of the this form.) Once employees complete the form, including all required documentation, they can submit it to Employee Services.
Employees must complete and submit to Employee Services the Payroll Direct Deposit Application Form and attach the appropriate documentation, based upon account type, as follows:
To deposit into a checking account:
Employees should attach a voided check for their selected checking account(s). A voided check, rather than a deposit slip, is required because the check includes correct banking-system routing numbers, while the deposit slip may have internal routing numbers, which do not work for direct deposit. A direct deposit information sheet issued directly by the financial institution for the selected checking account, which contains both routing and account numbers in the correct format for ACH (Automated Clearing House) direct deposit, may be used in lieu of a voided check.
To deposit into a savings account:
Employees should attach a direct deposit information sheet issued directly by the financial institution for their selected savings account(s). The form must contain both routing and account numbers in the correct format for direct deposit. For some savings accounts, employees may also provide a copy of the savings account wallet card, provided by the financial institution and containing both routing number and account number in the correct format for direct deposit.
Check with your bank before submitting this card as documentation. Do not attach a savings deposit slip, since many of these show internal routing numbers and/or account numbers instead of ACH compatible numbers, and will not work for direct deposit purposes.
To deposit into a money market account:
Employees should attach a direct deposit information sheet issued directly by the financial institution for the selected money market account(s). The form must contain both routing and account numbers in the correct format for direct deposit. Do not attach a money market check or deposit slip, as many of these show internal routing and/or account numbers instead of ACH compatible numbers, and will not work for direct deposit purposes.
Employees are responsible for keeping their financial information current. If a deposit must be returned due to a closed account, employees can expect a delay in the reissuing of those funds. Employees are also responsible for verifying that their direct deposit requests have been processed correctly by reviewing their pay advice and/or calling their financial institution to confirm receipt of funds. The university is not responsible for any overdraft charges if funds are not deposited as expected.
If employees wish to change their account designation, they must submit a new Payroll Direct Deposit Application Form with the updated information. Each new Direct Deposit Form submitted overrides the information from the previously submitted form, so it is important to fill out each account request completely and to attach the required documentation for each account (up to three accounts are available). Employees should leave their old account(s) open until after the first wage payment has been deposited to the new account(s) whenever possible.
Deposits are made electronically through the Federal Banking System, which minimizes the processing time. Funds will be transmitted to the employee’s designated financial institution(s) by payday and posted to the employee’s account by the individual financial institution(s), according to the financial institution’s established posting schedule.
The employee’s bank determines when the funds are actually available in the employee’s account(s). Direct deposit reduces the potential for lost warrants, as well as theft or forgery. Employees can access their pay advice on payday via campus portals.
With the implementation of mandatory direct deposit, payroll warrants (checks) that are lost in the mail will require at least 10 business days before reissue. The 10-day period provides adequate time for the U.S. Postal Service to deliver the warrant. Employees should contact their department payroll liaison to request reissue of a lost check.
Direct deposit for net wage payments is mandatory for all employees at the University of Colorado. The Payroll – Mandatory Direct Deposit Policy was approved by the Office of the Vice President for Budget & Finance effective July 1, 2000. Full enforcement of the Payroll – Mandatory Direct Deposit Policy was approved by the University of Colorado HR Operations Advisory Group, effective Sept. 1, 2002.