For self-service Direct Deposit, go to Employee Business in Wolverine Access
What is direct deposit?
A Direct Deposit Authorization permits the University to send an Electronic Funds Transfer (deposit the net pay each payday) to an employee's personal checking or savings account. The employee's payment information can be seen in Wolverine Access under Employee Business.
Why should an employee participate?
- Easy and Convenient - Direct deposit insures that participating employees receive their pay on payday even when out of the office. An employee's earnings are available in their checking or savings account on payday without having to make a deposit in person. Employees know their money will be "in the bank" on payday.
- Safe and Secure - Direct deposit safeguards against theft, loss, and forgery.
Where can a paycheck be directly deposited?
An employee can deposit your his or her net pay into their personal checking or savings account as long as their bank is a participating member of the National Automated Clearing House Association (NACHA). Most banks, savings and loan associations, and credit unions participate.
If you receive your paycheck via direct deposit, and then have the entire paycheck amount forwarded to a bank outside the United States, please advise the Customer Service Section of the University Payroll Office. The University must follow specific formatting requirements for these transactions.
What will be deposited?
An employee's gross pay and deductions will be calculated exactly the same way. The employee's net pay will be deposited.
How many bank accounts may a payment go into?
An employee may select two accounts for the distribution of their net pay.
When will the first deposit be sent to the designated bank account(s)?
When enrolling in direct deposit using Employee Business in Wolverine Access, the net pay from the employee's next available paycheck will be sent by direct deposit.
When and how should an employee notify the Payroll Office of a change in banking information?
If an employee changes banks, account numbers or they wish to cancel their direct deposit participation, the employee must immediately change your information in Wolverine Access under Employee Business.
Note: If an employee fails to notify the Payroll Office when a designated direct deposit account closes, all funds previously submitted to the closed bank account will not become available until such funds are returned to the University of Michigan by the bank.
Students must ensure to keep direct deposit information updated over the summer in order to avoid any delay of payments in the fall.
For questions, please contact the Customer Service Section.