Page 40 of Ferrum College Faculty Handbook by Ferrum College Virginia

Precautions are taken to avoid errors in paychecks. If an employee believes that an error has occurred he/she should notify the Payroll Office. If an error is found, an adjustment will be made on the next paycheck. DIRECT DEPOSIT OF PAYROLL CHECKS Direct deposit to an employees bank/financial institution is available to all employees and can be direct deposited into as many as three separate accounts. Security and convenience are the two major benefits of direct deposit. If an employee is unable to pick up a check because he or she is sick or away on vacation, direct deposit can eliminate such inconveniences. Direct deposit will begin on the second payday after payroll has notified your bank/financial institution. Full details about the program and the necessary forms are available in the Payroll Office. Generally, the individual employees money is in his/her bank by 9:00 a.m. on the check date providing the employees bank or financial institution is a member of the Federal Reserve. If the financial institution is not a member of the Federal Reserve, it will take an extra day for the transaction to complete. The following options are available to employees who cannot pick up their checks on payday: Direct Deposit to the employees bank/financial institution. If direct deposit is used, a non-negotiable check, which shows the deposited amount will be issued and can be picked up from your supervisor on payday. Have check mailed to the employees current home address. ADVANCE PAYMENT POLICY If an employee anticipates the need for payroll funds prior to payday, the following advance payment option is available and may be used once each fiscal year. An employee may receive an advance on a monthly/semi-monthly salary under the following guidelines: Only one advance will be made during any fiscal year. The amount of the advance can be up to one-half the monthly/semi-monthly gross pay, provided this amount has been earned by the date of request. All taxes and payroll deductions will be taken out of the next paycheck. The entire advance will be deducted from the next paycheck. The Payroll Office must receive the request for an advance payment by 2:00 p.m. on Tuesday for payment that Friday after 11:00 a.m. PAYROLL DEDUCTIONS Deductions from payroll checks are made for social security and taxes as required by law. The employee must specifically authorize other deductions (except garnishments, tax liens, mandatory child support, or other court-ordered deductions). These deductions can include but are not limited to the following: 1. Health/Dental Insurance 2. TIAA-CREF (Teachers Insurance Annuity Association) Retirement Program

[close]