'Can you update my bank account before this month’s payroll?’ This type of last-minute request can throw even the most organized human resource (HR) professionals off balance. In such a case, knowing the exact steps to make the required changes can help managers cater to such requests confidently and ensure employees are paid on time.
That’s why we have compiled this comprehensive guide for managers and employers to educate them on how to change bank account on Paylocity. This guide will also cover steps to add multiple accounts and split the compensation amount.
To change an employee’s bank account on Paylocity, you’ll first have to add a new account and then delete the previous one. Here’s how to do it:
- Log in to your self-service portal and navigate to the main dashboard
- Use the drop-down menu and choose the desired employee
- Click on the ‘Pay’ card and press ‘See More’ to expand it
- Select the ‘Direct Deposit Accounts’ option. This will show all the active bank accounts that an employee has with Paylocity
- Press the ‘Add Bank Account’ button
- Fill out details like bank account type, routing number, account number, and more
- Click the ‘Save’ button and it will take you back to the screen where all the active accounts are displayed
- Press the ‘Bin’ button in front of the account you want to delete
It’ll remove the old account and display the one that will be credited on the payday.
If your employees want to receive their pay in more than one account, you can do that by adding another account along with their existing one. Here’s how you can do it:
- Follow the above steps till you reach the page that asks for new account details
- Fill out the details like account number, routing number, and account type
- In the ‘Allocation Type,’ select ‘$’ if an employee wants a specific amount to be credited or select ‘%’ if they want a percentage of their salary to be credited into this account
- Mention the exact amount in the ‘Amount’ section or the percentage in the ‘%’ section
- Click ‘Next’ and review the new direct deposit setup
- Finally, press the ‘Save’ button to submit the changes
By doing this, the salary will be credited into the two accounts as per the distribution parameters you have added in. The same process can be repeated to add more accounts and split the payment even further.
Changing and adding an employee’s account in Paylocity can be a confusing task. But, with clear steps like we have shared above, you can do it conveniently without making any mistakes. Apart from following the above steps, you should always double-check the account details your employees provide you to ensure they are correct and that you won’t have to go through the process again.