Direct Deposit
Your employees will appreciate your offering them the choice of having their paychecks deposited directly into their bank accounts, while you'll appreciate the time and effort you save by processing the direct deposit transactions directly from your MYOB software.
What are the key benefits of MYOB Direct Deposit?
- Fully Integrated with your MYOB Software - All direct deposit transactions are processed through your software and automatically tracked and allocated.
- Saves Time and Money - Print direct deposit check stubs on plain paper.
- Reduces Hassle - Eliminates lost and stolen checks and stop payments.
- Saves Postage - You won't need mail and/or courier service for delivery of checks.
- Simplifies Tasks - Much simpler bank account reconciliation.
- Offers Direct Cost Savings - Our service is competitively priced.
- Gives you control - Funds are debited from the company account on a specific, predictable date.
- Offers Convenience - Employees do not need to get tied up in bank lines waiting to deposit their checks on their lunch break, or leave early to stop by the bank to deposit their checks.
- Provides Immediate Funds - Funds are immediately available to employees on due date.
IMPORTANT NOTE: Due to risk factors associated with providing Direct Deposit, a 1-day hold is put on your transactions, starting the first business day after you submit your transactions. For example, if you have a Friday payroll, you must process it by Wednesday 7:30 PM EST for your employees to have access to their funds on Friday morning. Direct Deposit is available for current versions of MYOB AccountEdge and Premier Accounting. Application approval required. Transaction fees apply.