Paycom enjoys widespread recognition for its advanced features. Among them, it stands out for its ‘direct deposit’ feature, which allows employees to receive their pay directly into their bank accounts. It also enables employees to update or change their account details themselves without relying on assistance from the human resources (HR) department.
This article will walk you through the steps on how to change direct deposit on Paycom, along with some additional tips and information to keep in mind.
Follow the given steps to change direct deposit on Paycom hassle-freely:
Step 1: Log In To Paycom
If you haven’t done so already, start by logging in to the Paycom application on your browser or smartphone using your username, password, and the last four digits of your SSN or PIN, if required. Once you enter the credentials, hit the ‘Log In’ button.
Step 2: Locate Direct Deposit
Navigate to the payroll section from the main screen, find the ‘Direct Deposit’ option, and click on it.
Step 3: Update Direct Deposit Details
In the ‘Direct Deposit’ section, you will find your current direct deposit details. You can add new details manually or by clicking the ‘Scan Check’ option. For the former, choose your account type and enter the required details (bank name, account number, and routing number).
If you are opting for the latter method, the application will fetch details automatically. A capture window will appear on the screen, where you will be required to position your check. The app will scan the check and fetch the necessary details.
Step 4: Finalize The Process
Next, enter any additional bank accounts you want to add under the ‘Distribution’ section. After you have made all the changes, click the checkbox to show that you agree to the terms and conditions. Click ‘update’ to complete the process.
Step 5: Verify the Changes
Once you have updated your direct deposit information, you will typically receive a confirmation email or notification from Paycom about changes being successfully made. It's important to verify that your new deposit details are active and set for the next paycheck. You can do this by checking the ‘Direct Deposit’ page in your Paycom account to ensure the updated information is listed correctly.
There are several reasons why an employee might need to change their direct deposit information. These include:
- Switching Banks: You may have changed to a new bank or opened a new account and need to update your deposit details
- Changing Account Type: There might have been a change in bank account type, such as from a checking account to a savings account or vice versa
- Splitting Deposit: Some employees choose to split their direct deposit between multiple accounts (e.g., a portion to a checking account and another portion to savings)
- Updating Account Or Routing Number: If you have an account number or routing number change, you will need to update this information in Paycom to ensure your paycheck is sent to the correct account
As timing is the key, direct deposit changes may take up to one or two pay cycles to reflect. Ensure you make changes well ahead of your payday to avoid delays in receiving your paycheck. Additionally, keep the following points in mind:
- Direct Deposit Setup Confirmation: Always double-check that your direct deposit information is correct. An error in routing numbers or account numbers can delay your paycheck or result in incorrect deposits
- Updating For Multiple Accounts: If you are splitting your direct deposit between multiple accounts, Paycom allows you to allocate your paycheck as a percentage or a specific dollar amount. Make sure to distribute the amounts correctly to avoid over or under-deposits
- Emergency Backup: Some companies require employees to provide a backup payment method in case there is an issue with the direct deposit (such as account closure). Ensure that you have updated your account information with HR in advance to avoid any payment disruptions
On the whole, changing your direct deposit information on Paycom is a straightforward process that can be completed in just a few steps. Whether you're switching banks, updating account details, or splitting your deposits between multiple accounts, Paycom makes it easy to ensure your paycheck is deposited exactly where you want it.