Direct deposit has become the preferred payment method for most employees, bringing convenience, security, and reliability to their payroll experience. Managing direct deposits is a breeze if you understand how to change direct deposits directly within your Workday system.
In this article, you’ll learn how to change direct deposit on Workday, update bank account information, configure payment election rules, and troubleshoot any issues that may arise. We’ll also discuss where our team of expert Workday consultants can help you navigate and resolve any problems that require assistance that dives deeper than surface-level fixes.
Direct deposits provide a secure and convenient way to receive payments during each pay period, and Workday’s system enables you to change and manage your direct deposits efficiently.
On payday, you can view your payslip in Workday, which includes details such as your gross pay, taxes and deductions, net pay, and direct deposit information. Additionally, you can set up a primary account for direct deposit in Workday and opt-in or opt-out of receiving paper copies of your payslips.
Smooth transactions and avoidance of payment delays come with a thorough understanding of Workday’s direct deposit system. The following sections will delve into the significance of direct deposits and their management using Workday’s Payment Elections features.
Direct deposits are advantageous due to their automated nature and ability to be configured to deposit funds into multiple accounts, obviating the need for manual fund transfers.
They are quicker than paper checks, eliminating the need to go to the bank to deposit a check. Additionally, direct deposits reduce the risk of lost or stolen checks and can be set up to occur regularly, guaranteeing that payments are not missed.
In Workday, you can choose balance, amount, or percent distribution for your payment elections, allowing you greater control over how your payments are distributed among your bank accounts. This flexibility ensures that your hard-earned money reaches the right accounts without hassle.
Workday Payment Elections provide instructions for distributing paychecks generated within your tenant and are configurable with different options to meet your individual needs.
The Payment Elections section in Workday serves to manage direct deposit accounts and facilitate the distribution of pay between accounts. With options for configuring Payment Election Rules such as Amount, Percent, or Balance Distribution, you can easily customize your direct deposit allocations to suit your financial needs.
Remember that Direct Deposit options in Workday can only be viewed and edited when signed into a main network or remotely accessing a secure computer on site. Virtual Private Networking features will not be functional for accessing Direct Deposit options in Workday.
Here are the main steps to follow to change your payment elections in Workday:
Please note that the verification process for a new bank account typically takes 7-10 business days. It is important to ensure the accuracy of your bank account information to avoid payment delays. The following subsections will guide you on how to access the Payment Elections section, modify existing bank account details, and add a new bank account for direct deposit in Workday.
To access the Payment Elections section in Workday, follow these steps:
If you need to edit details of an existing bank account, such as the name, account nickname, account number, or routing number, you can do so in the Accounts grid. To modify the accounts associated with specific pay types, select the Change Election option next to the desired pay type (Regular or Reimbursement). You can also alter payment elections from one payment type to another in the Payment Elections grid, allowing you to adjust your direct deposit allocations as needed.
Workday also makes it easier than ever to add new bank accounts as needed over time. Once the new bank account is added, update your payment election rules so your pay is distributed to the desired accounts accordingly.
Here are the main steps to add a new account to your Workday system:
Configuring payment election rules in Workday allows you to customize how your paychecks are distributed among your bank accounts.
You can choose between Amount, Percent, or Balance distribution options, and the Preferred Payment Method is employer-configured. Setting up multiple payment election rules helps you manage your finances better by automatically allocating your pay to different accounts based on your preferences.
The following subsections will discuss choosing between amount, percent, or balance distribution and how to establish multiple payment election rules for diverse accounts.
When making a payment election in Workday, select the desired option in the Balance / Amount / Percent field to choose between amount, percent, or balance distribution. These options provide flexibility in managing your finances, allowing you to allocate funds to different accounts based on your financial goals and priorities.
By setting up multiple payment election rules, you can ensure that your pay is distributed among your accounts according to your preferences, helping you achieve your financial goals more effectively.
To set up multiple payment election rules, follow these steps:
Closing or changing bank accounts can be a hassle, but Workday makes it easy to update your direct deposit information accordingly. The upcoming subsections will highlight the importance of informing the payroll department when closing a direct deposit account and the procedure to update bank information after changing financial institutions.
Before closing a direct deposit account, it is crucial to update your payment election information in Workday to ensure payroll is notified of the closed account. By following these steps, you can avoid any issues with your pay after closing your direct deposit account. Still, failure to notify payroll of a closed account could result in payment delays or other complications.
To update your payment election information, follow these steps:
If you switch to a new financial institution, you must update your bank information in Workday accordingly. To modify your bank details, follow these steps:
Even with the convenience and efficiency of Workday’s direct deposit system, issues can still occur. This section will cover common direct deposit issues and offer solutions for their resolution. The subsequent subsections will provide tips on handling payment delays due to direct deposit errors and strategies for rectifying direct deposit mistakes in Workday.
Various reasons, such as errors in a business process or disputes with timekeeping, can cause frustrating payment delays. By actively monitoring and addressing any issues, users can minimize payment delays and ensure a smooth direct deposit experience.
To correct direct deposit mistakes in Workday, follow these steps:
Workday provides pre-built support services directly in the platform to assist users in logging into their accounts, resetting their passwords, navigating direct deposit setup, and other surface-level issues or questions they may have.
At Surety Systems, our Workday consulting services go beyond Workday’s internal support resources, offering personalized guidance tailored to your unique business needs and ensuring your Workday solutions are implemented, configured, managed, and optimized correctly over time.
Our senior-level Workday consultant team has the knowledge, skills, and experience to handle all your most critical project needs. Whether you need help outlining plans for a new Workday module implementation, additional support migrating direct deposit data from your existing system to a new Workday system, or just an extra hand managing your Workday landscape, we’ve got you covered.
For more information about our Workday consulting services, contact us today.
Log in to Workday and select the Pay icon on your Home page, then enter your new account or credit union information. Navigate to Regular Payments and click Edit, then set your Payment Type to Direct Deposit and select the account you wish to use for your direct deposit. In the Contact and Banking section, click Change Settlement Bank Accounts to edit your current bank account with the correct banking information.
Select the Update Direct Deposit button to make changes to your current direct deposit.
Changing your Direct Deposit instructions through Workday takes approximately 12 business days to take effect.
To change your payment percentage on Workday, log into your account, navigate to the Pay section, select View/Update Elections, and edit your payment elections under the Regular Payments section.
To access the Payment Elections section in Workday, log in to your account and select the Payment Elections tab on the left side of the menu.
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