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        <title>Bank Codes - HRS2600</title>
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        <description>Bank Codes - HRS2600

Payroll &gt; Tables &gt; Bank Codes &gt; Bank Codes

This tab is used to enter and maintain information about banks participating in direct deposit via electronic fund transfer (EFT). In order for an employee to receive a direct deposit, you must indicate a specific bank for the employee. The bank must be approved by the LEA and entered in the bank table before the bank code can be entered in the employee information.</description>
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        <title>Electronic Funds Transfer - HRS2600</title>
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Payroll &gt; Tables &gt; Bank Codes &gt; EFT

This tab is used to create the record for direct deposit of employee payroll checks to their financial institutions. This function is accomplished by creating an EFT file during a payroll run. This file is then given to the employer's financial institution to be transmitted to an automatic clearinghouse. The automatic clearinghouse is normally a centralized federal reserve bank that transmits necessary data for direct depo…</description>
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