Direct Deposit for Expense Reimbursements and Accountable Advances

Over the past four years the Finance Division has encouraged employees to participate in the Direct Deposit program for the reimbursement of employee expenses and accountable advances. This program commenced in 2005 and has currently converted the majority of employees to direct deposit, thus eliminating the need to prepare and mail cheques to employees. Given the success of this program, we are now in the process of converting the remaining employees to direct deposit.

Please note that currently only payments in Canadian funds and to a Canadian bank are being processed by direct deposit. All other payments will be processed by cheque.

Some of the advantages of direct deposit are:

* Payments are received faster than waiting for the cheque to arrive in the mail.
* Payments are deposited directly into your account thereby eliminating the need to have cheques forwarded to you in the event you are out of town.
* Direct deposit offers enhanced security; it eliminates the possibility that a cheque could be intercepted without your knowledge.
* The Finance Department will email your payment details on the day that we initiate payment. The funds should reach your account within 1-2 business days of this notification.

The following information applies:

The attached Direct Deposit Application Form must be completed and returned by mail or in person to: Accounts Payable Department, Suite B, EOB.

The bank account used for direct deposit must be held with a Canadian bank. A voided cheque must be provided.

If the direct deposit is to be made to a savings account or if a void cheque is not available, then the following alternative documentation would be acceptable:

* a copy of your account statement,
* a letter from the bank, or a screen print from your on-line banking service
* This documentation must contain: your name, your address, bank name, institution number, transit number, and bank account number.
* A valid email address is required to notify you of impending direct deposits.

All banking information is regarded as confidential and is used strictly for the purpose of implementing the Direct Deposit payment option.

Please note that this is a separate direct deposit program than the one administered by Human Resources to deposit your pay.

Should you wish your expense reimbursements and accountable advance requests to be deposited into the same account as your pay, we only require

that you send an email to the Accounts Payable department specifying this preference.

We will then make the appropriate arrangements with the Payroll Department on your behalf.


If you have further questions regarding the Direct Deposit program, please email Accounts Payable at acctspay@yorku.ca.


Yours sincerely,


Aldo DiMarcantonio
Comptroller

There are links available to file the forms required to start this procedure.
Look at the following directly:

http://www.yorku.ca/finance/documents/Direct_Deposit_Letter_for_Employees.pdf

http://www.yorku.ca/finance/documents/Direct_Deposit_Employee.pdf