Direct Deposit is a method of payment wherein the amount is deposited directly from the account of the payer to the account of the recipient. A lot of companies and organizations utilize Direct Deposit for a much easier and more seamless payment process. Such companies include business organizations, employers, retail and service companies, and government agencies like the Social Security Administration, among others.
During instances when the company has to stop Direct Deposit, a Direct Deposit Cancellation Form is used and filled out to cancel the authorization for Direct Deposit payments. A Direct Deposit may be cancelled when an employee resigns. You may also see our Deposit Forms for other usable samples.
Employee Direct Deposit Cancellation Form
Payroll Direct Deposit Cancellation Form
Vendor Direct Deposit Cancellation Form
Direct Deposit Cancellation Form in PDF
Benefits of Using Direct Deposit Cancellation Forms
Since Direct Deposit is electronic and automated, which is what makes it so convenient, it is important that proper authorization is acquired prior to starting this type of payment plan. In line with that, it is also important that when these payments have to be stopped from going into a person’s bank or credit union account, a cancellation form is filled out to formally certify that the person truly wants to stop the account. These forms are also signed to make them official.
The use of Direct Deposit Cancellation Forms allows such cancellation requests to be recorded using a unified form to prevent mistakes when cancelling accounts. Specific information about the bank or credit union account, and the employer, vendor, or government agency, are also indicated so that the right account can be cancelled, since it could be such a hassle if the wrong account was ever cancelled.
Like any other forms, using Direct Deposit Cancellation Forms allows the company to record such requests for safekeeping for use as reference in the future. You never know when the need to present them again may arise. You may also see our Direct Deposit Forms for downloadable sample forms used to set up Direct Deposit.
Free Direct Deposit Cancellation Form
Direct Deposit Cancellation Form Example
Generic Direct Deposit Cancellation Form
Direct Deposit Form in Word Format
Types of Direct Deposit Cancellation Forms
- Employee Direct Deposit Cancellation Forms: These are used by employers to be filled out by employees who want to cancel Direct Deposit payments to their account and want to receive their salary through checks sent in the mail instead. For setting up Direct Deposit by the payroll department in a company, Payroll Direct Deposit Forms are utilized. You may browse through our available samples and find out more information about Payroll Direct Deposit Forms.
- Vendor Direct Deposit Cancellation Forms: This is used to stop direct deposit payments from a state or government agency. Such payments include child support benefits, unemployment benefits, and disability benefits.
Direct Deposit Cancellation Forms are used to make sure that each cancellation of Direct Deposit accounts is official and indeed requested by the payee to avoid any disputes and liabilities in the future. The vendor or employer information and the bank or credit union account information should be indicated, along with the personal details of the payee, his signature, and the current date the request for cancellation is filed.
Each company has their own regulations when it comes to canceling direct deposit, so it is best to talk to your employer or state agency first before filling out a form. For some, they require two business days before the payment date for filing a cancellation.
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