COMPTROLLER'S MEMORANDUM NO. 13 (1987-88)
SUBJECT: EMPLOYEE NAME CHANGES AND DIRECT DEPOSIT
If the employee's financial institution is aware of the name change and his or her financial institution information remains the same, a new form should be completed with only the following:
If however, the employee has also changed Financial Institutions, Account Number or Account Type he or she should also have his financial institution complete and sign the form.
Employees who have different last names on the EFT file and W-4 file will be paid by State warrant until the two names agree. Additionally, employees who have submitted a change in Financial Institution, Account Number or Account Type will also be paid by State warrant while the change is being processed. This generally takes about six weeks.
If your agency personnel office needs additional Direct Deposit Authorization forms, they are available from our office. We encourage each personnel office to maintain a supply of forms for the employees' convenience should they want to start, change, or stop an authorization.
We would appreciate agencies help in promoting Direct Deposit by Electronic Funds Transfer (EFT). To date, 34,000 employees have elected to have Direct Deposit. Some agencies have participation rates approaching 40%, while the average is 21%. Agencies, as well as employees, are benefiting from EFT participation. These figures represent over 800,000 deposits per year that did not require a trip to the employee's financial institution. Savings in time and productivity are the result.
If you have questions, please contact the Bureau of Accounting at 410-9466, Suncom 210-9466.