Direct Deposit

Bank of Tennessee's direct deposit service allows our customer to provide an additional benefit to its employees. The service facilitates the receipt of earnings by depositing funds directly into employee accounts, anywhere in the country. This service eliminates checks being lost in the mail or during the distribution process, reduces frustration experienced by both employer and employees when employees have banking needs on company time, and provides a means for all employees to receive their earnings at the same time, whether or not they are at work on payday. In addition to the benefits that the employee enjoys, the company benefits by reducing check-printing costs, handling costs such as postage, storage and securing of check stock, and employee time devoted to payroll reconciliation activities.

But that's only the beginning of the benefits:

• Streamline your entire payroll system
• Eliminate the high cost associated with check writing and distribution
• Eliminate the trouble and expense of reissuing lost or stolen checks
• Control cash flow by knowing exactly when the funds leave your account
• Minimize employee time devoted to payroll reconciliation
• Make use of a variety of deposit applications, including dividends, commissions, pensions and reimbursements

Simply compile your payroll information in the predefined National Automated Clearing House Association (NACHA) format and we'll take care of the rest. You even have the flexibility to deliver the information over a secured site via the Internet, through a third party vendor or by diskette. Process the files by 2:00 PM Eastern Standard Time two days prior to the transaction date. The information is then processed through Bank of Tennessee's ACH system and delivered to the Federal Reserve Bank for distribution and crediting to the employees' accounts nationwide.