Banking fair offers direct deposit, service options
By Kim Harvey : January 20th, 2009The Office of the Treasurer will host a free banking fair Thursday, Jan. 22, to assist employees with direct deposit and other service options.
The event, which will take place from 10 a.m. to 3 p.m. in the lobby of the Student Union on Main Campus, correlates with UT’s new “green” standards regarding paycheck distribution and online information posting. As of Jan. 1, information available on pay stubs has been securely posted on UT’s Web site at myut.utoledo.edu under the “Self-Service” section.
Effective with the Feb. 13 pay date, employees who have not arranged for direct deposit of funds must pick up their paychecks at sites on Main and Health Science campuses. At present, about 1,500 employees on Main Campus and 300 on Health Science Campus have not arranged for direct deposit.
During the Jan. 22 fair, representatives of four local institutions — Fifth Third Bank, Huntington Bank, National City Bank and the UT-MUO Federal Credit Union — will be available to help employees open new accounts, if necessary, and expedite the direct deposit process. Details regarding other services and participation prizes will be offered, as well.
UT expects to save about $100,000 per year, in addition to the numerous “green” benefits of less paper and fuel use, due to its new standards.
Aside from the financial and environmental benefits, direct deposit offers various advantages to faculty and staff; these include:
• Confidentiality.
• Protection from identity theft. About 85 percent of identity theft begins with paper documents, including paychecks, billing statements and bank account statements. Items that travel electronically pass through fewer sets of “hands.”
• Immediacy. Directly deposited funds allow immediate access, rather than waiting for paper checks to clear. Paper checks also can be misplaced.
• Flexibility. Dividing money among several accounts is simple and efficient using direct deposit.
Employees who cannot attend the information fair may go to http://www.utoledo.edu/depts/hr/forms/employment.html to download UT’s direct deposit form or call Human Resources at 419.530.4747 for further details.