Employees may have their net pay directly deposited into a checking or savings account at any financial institution in the United States. Direct deposit information can be accessed online through Oracle. This allows you to add, view or update your direct deposit information for Payroll deposits.
Benefits of Direct Deposit
Convenience - Save time! With direct deposit you won’t have to worry about making a trip to the bank to deposit your check. Depositing physical checks can take several days to clear, causing a delay in access to your pay. With direct deposit, your pay will be immediately available to you in your bank account on pay day.
More Control of Your Finances - In Oracle you can set up multiple bank accounts and dictate the amount that goes into each every pay period. For example, you can have a set amount or percentage automatically sent to your savings account. This is a good tip to save money over time without having to think about it!
Reduced Risk - You won’t have to worry about losing or misplacing a check. With direct deposit, you can be confident you will receive your paycheck to your bank account each pay period without having to worry about keeping track of a paper check. There is also greater security with direct deposit as there is no risk of your information being stolen from a physical paper trail. Direct deposits are encrypted keeping all of your data safe and secure.