Is there a way to have my direct depositedchecks automatically split into more than one account through percentages? For example: a payroll check of $500 being split, with 50% deposited into one account and 50% deposited into another account?
Untitled
The direct deposits of your payroll payments are initiated by your employer or your employer's payroll service. Many, if not most payroll systems or services, do allow for the splitting of net pay between accounts.
You should contact your payroll department to find out how many separate allocations you are permitted, and whether those allocations have to be made on a fixed amount or percentage basis. In a fixed-amount arrangement, for example, you might designate $50 each pay period to go to your savings account at Bank A, with the balance of the net pay to go to your checking account at Bank B. The only restriction is that you must normally be an owner of the account into which the deposits will be made. Before completing paperwork to authorize the split of your net pay, contact your bank (or banks) to make sure you have the correct routing information for the payments.
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
The direct deposits of your payroll payments are initiated by your employer or your employer's payroll service. Many, if not most payroll systems or services, do allow for the splitting of net pay between accounts. 