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Save time and money by electronically depositing your employees’ paychecks into their bank accounts.
First Midwest Bank’s Direct Deposit Service offers you a safe, convenient method for eliminating the time consuming and costly paperwork associated with paying your employees with checks. Direct Deposit will electronically deposit each of your employee’s net pay into a checking or savings account at the financial institution of their choice.
The Advantages
Streamline Payroll Process: Company saves the time and expense related to check printing, preparing, signing and distribution. This service provides peace of mind, knowing that deposits will be processed accurately, reliably and on time.
Reduce Costs: Cost of purchasing check stock as well as the issuing and reconciling of checks is reduced or eliminated.
Employee Benefit: Direct Deposit is a low cost employee benefit that reflects a progressive image of the employer. Funds are made available to your employees on payday, whether they are traveling on company business or on vacation.
Security: Lost or stolen checks with resulting stop payments and reissues are eliminated, as well as the necessity for storing blank and canceled checks.
How it Works
1. Employee Authorization: The company obtains written authorization and account information from each employee.
2. Transmit Data: You submit payment data to First Midwest Bank at least two business days before pay day. There are several options available for data transmission.
3. Settlement: Your account at First Midwest Bank is debited for the total amount of the payroll and your employees’ accounts are credited on the specified pay date.
Contact a Cash Manager
Return to Disbursement
Positive Pay
Direct Deposit
Corporate Totals
Zero Balance Account
Business Checking Account
Business Checking With Interest
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