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For those looking to streamline their payroll process, the First Midwest Bank Direct Deposit form serves as a crucial tool. This form provides a straightforward method for employees to either initiate new direct deposits or change existing deposit instructions. To begin, individuals must provide essential information, including their personal details like name and Social Security number, as well as contact numbers and addresses. It is equally important to specify the type of account—checking or savings—along with the First Midwest Bank account number and its corresponding routing number. Additionally, the form allows employees to authorize direct deposits in specific amounts. It is vital to understand that this authorization remains in effect until a written notification from the employee is received to terminate the agreement. Lastly, attaching a voided check ensures proper verification of the account and further simplifies the process. By completing this form, employees can enjoy the convenience of having their earnings deposited directly into their bank accounts, making payday easier and more efficient.
Form Sample
To:
company name
address
city |
state |
zip |
Re: Direct Deposit Authorization
Payroll Department,
As a payee of(company name), I have recently established an account relationship with First Midwest Bank, and have chosen to:
Establish Direct Deposit
(Not currenty using direct deposit)
Change my existing Direct Deposit
(Transfer direct deposit from my previous bank to First Midwest Bank)
Please accept this letter as my authorization to initiate and maintain the Direct Deposit process. I have included the following information below to help complete this request.
Employee Information
last name |
first name |
social security number |
|
|
|
|
|
street address |
city |
state |
zip |
|
|
|
|
work phone |
home phone |
cell phone |
|
Information
|
071901604 |
First Midwest Bank account number |
Routing number |
|
$ |
Checking
Savings |
Amount of direct deposit |
I hereby authorize(company name), to make direct deposits in the
amount shown to my First Midwest Bank accounts shown above. This includes credit entries and, if necessary, debit entries and adjustments for credit entries made in error to my account. This authorization remains in force until my employer receives written notification from me terminating this agreement. Upon termination of this agreement, I understand that it may take up to two pay periods to discontinue the direct deposit.
employee signature |
date |
Sample Check |
|
12345 |
Street address |
|
DATE |
City, State Zip code |
|
|
|
|
|
PAY TO THE |
|
$ |
ORDER OF |
|
|
|
|
DOLLARS |
Street address |
|
|
City, State Zip code |
|
|
FOR |
|
|
:123456789 : |
1234567890 |
1234 |
Attach a VOIDED First Midwest Bank check here. |
Routing Number Account Number |
Document Specifications
| Fact Name | Fact Description |
|---|---|
| Purpose | The First Midwest Bank Direct Deposit form is used to authorize the automatic deposit of payroll into a bank account. |
| Authorization Types | Individuals can either establish a new direct deposit or change an existing one from a previous bank. |
| Information Required | To complete the form, employees must provide personal information, including social security number, bank account details, and contact numbers. |
| Bank Identification | Routing and account numbers for First Midwest Bank are essential for processing the direct deposit. |
| Agreement Duration | The authorization remains effective until the employer receives a written termination notice from the employee. |
| Adjustment Policy | Employees authorize the employer to make necessary adjustments for any credit entries made in error. |
| State-Specific Law | Direct deposit agreements in Illinois are governed by the Illinois Wage Payment and Collection Act. |
Steps to Filling Out First Midwest Bank Direct Deposit
Filling out the First Midwest Bank Direct Deposit form is a straightforward process. You'll be providing essential information that helps your employer set up direct deposits to your new bank account. Follow these steps carefully to ensure everything is completed accurately.
- Start by entering the company name at the top of the form, followed by its address, city, state, and ZIP code.
- In the "Re:" section, write "Direct Deposit Authorization Payroll Department".
- Indicate whether you are establishing new direct deposit or changing your existing one. Check the appropriate box for either "Establish Direct Deposit" or "Change my existing Direct Deposit".
- Provide your last name and first name in the "Employee Information" section.
- Enter your Social Security number securely in the next field.
- Fill in your street address, city, state, and ZIP code.
- List your work phone, home phone, and cell phone numbers for contact purposes.
- Next, find your First Midwest Bank account number and enter it in the specified field.
- Fill in the routing number, which can usually be found on your checks or by asking your bank.
- Indicate whether the account is a checking or savings account by checking the appropriate box.
- Write down the amount of direct deposit you wish to have transferred into your account.
- Authorize the direct deposit by signing your name and writing the date at the bottom of the form.
- Attach a VOIDED check from your First Midwest Bank account to the completed form. This helps your employer verify your account information.
After completing the form, be sure to submit it to your payroll department or the appropriate contact at your company. They will take care of the rest to ensure your direct deposits are set up according to your instructions.
More About First Midwest Bank Direct Deposit
What is the First Midwest Bank Direct Deposit Form?
The First Midwest Bank Direct Deposit Form is a document you use to authorize your employer to deposit your paycheck directly into your First Midwest Bank account. This form simplifies the payment process and ensures that your funds are promptly available in your account.
Who needs to fill out the Direct Deposit Form?
If you are an employee with a First Midwest Bank account and wish to receive your paychecks through direct deposit, you need to fill out this form. It is also necessary if you are changing your bank account for direct deposits or setting it up for the first time.
What information do I need to provide on the form?
You’ll need to provide several key pieces of information: your last name, first name, Social Security number, address, and contact numbers. Additionally, you must include your First Midwest Bank account number and the routing number. Finally, indicate whether you want to establish a new deposit or change an existing one.
How do I know my First Midwest Bank routing number?
You can find your First Midwest Bank routing number on the bank's website or on a check associated with your account. It is typically the first nine-digit number printed on the bottom left of the check.
Do I need to attach any documents to the form?
How long does the direct deposit setup process take?
The setup process typically takes one to two pay periods after your employer receives the completed Direct Deposit Form. It may take a bit longer if your employer has specific processing timelines.
Can I terminate the direct deposit agreement at any time?
Yes, you can terminate the agreement at any time. However, it's essential to notify your employer in writing that you wish to discontinue the direct deposit. Be aware that it may take up to two pay periods for the direct deposit to stop completely.
Will I still receive my pay if I change banks?
If you are switching from one bank to First Midwest Bank, you must complete the Direct Deposit Form and ensure your new bank's information is submitted. Until the direct deposit is set up, you may receive your paycheck through other methods, such as a paper check.
What happens if there is an error in my direct deposit?
If an error occurs, such as an incorrect deposit amount, your employer has the right to make necessary debit adjustments to correct it. The Direct Deposit Form authorizes them to handle such corrections according to the agreed terms.
Where should I send the completed Direct Deposit Form?
You should send the completed form directly to your employer’s payroll department. Check with your HR department for specific submission instructions and any additional requirements they may have.
Common mistakes
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Incorrectly filling out personal information: People often misspell their names or enter the wrong social security number. These errors can delay the processing of your request.
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Not providing a voided check: Failing to attach a voided check from your First Midwest Bank account is a common mistake. This document helps confirm your account information.
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Forgetting to sign the form: Without a signature, the authorization is not valid. Double-check that you’ve signed and dated the form before submission.
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Choosing the wrong type of deposit: Some individuals mistakenly indicate they are establishing direct deposit instead of changing an existing one, or vice versa. Be clear about your intentions.
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Providing incorrect banking details: Entering the wrong routing or account number can lead to missed payments. Always verify these numbers against your bank documents.
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Not notifying the employer about changes: If you’re changing banks, failing to inform your employer can result in disruptions in your pay. Communication is key.
Documents used along the form
When setting up direct deposit with First Midwest Bank, several other forms and documents may be required. Each of these plays an important role in ensuring the direct deposit process is smooth and efficient.
- Voided Check: A voided check from your First Midwest Bank account is often needed to provide the correct routing and account numbers. This helps the payroll department ensure deposits go to the right account.
- Employee Information Form: This form typically captures essential details such as your name, address, Social Security number, and other personal contact information. It is crucial for maintaining accurate payroll records.
- W-4 Form: This form outlines your withholding allowances and is necessary for tax purposes. Employers use it to determine the correct amount of federal income tax to withhold from your paycheck.
- Authorization Letter: An authorization letter serves as a formal request to your employer, confirming your intent to set up or change direct deposit. This document ensures clear communication regarding your banking arrangements.
These forms and documents facilitate a smooth setup for direct deposit, ensuring that deposits are made accurately and on time. If there are any questions about the process, reaching out to your payroll department or the bank directly is advisable.
Similar forms
The First Midwest Bank Direct Deposit form shares similarities with an auto loan application. Both documents require personal information such as name, address, and social security number. Additionally, each form requests banking details necessary for processing transactions, whether for deposits or loan payments. This ensures that funds can be transferred accurately and securely. Both forms serve the purpose of making financial processes more efficient, streamlining the communication between the individual and the financial institution.
Another document that resembles the Direct Deposit form is the W-4 form, also known as the Employee's Withholding Allowance Certificate. The W-4 form collects personal information and financial details to determine withholding allowances for federal income tax purposes. Like the Direct Deposit form, it requires the employee's current residential address and social security number. It aims to facilitate accurate financial transactions and ensure that the correct amount of taxes is withheld from an employee's paycheck.
The benefits enrollment form closely matches the Direct Deposit form in terms of information collection. This document is used during the hiring process or during open enrollment periods. It gathers personal details, such as name and contact information, and may even require banking information for direct deposit of benefits payments. Both documents have the common objective of ensuring that employees receive their funds efficiently and correctly members of the workforce often need to complete before receiving their compensation or benefits.
A payroll authorization form features similar attributes to the Direct Deposit form. This document often requires an employee's authorization for the employer to deduct certain amounts from their paycheck, whether for benefits or other deductions. Just as the Direct Deposit form allows for the initiation of bank transfers, the payroll authorization form gives the employer the go-ahead to manage finances effectively. Both forms act as essential communication tools between employees and employers regarding compensation matters.
The change of address form also shares characteristics with the Direct Deposit form. Individuals use this document to provide updated contact information for various services, including banking. Both require clear identification to ensure accuracy, and both serve the same purpose of keeping an individual's records current. Maintaining accurate information is crucial for effective communication and service delivery across multiple organizations.
A loan payment authorization form aligns closely with the Direct Deposit form, as it also authorizes the transfer of funds from one account to another. Similar to how direct deposit directs funds to an account, the loan payment form specifies the channels through which payments to a lender will occur. Essential personal information is required to validate the individual’s identity and facilitate financial transactions, ensuring that payments are made correctly and on time.
The tax direct debit form resembles the Direct Deposit form in its goal of enabling automatic transactions. Individuals authorize their financial institution to withdraw funds from their accounts for tax payments directly, ensuring timely payments of their tax obligations. Both forms require personal and banking information to facilitate these automated transactions, aimed at reducing the chances of late payments and related penalties.
The employee reimbursement form bears similarities to the Direct Deposit form regarding the need for financial transactions. It allows employees to request reimbursement for expenses incurred during work. Collecting personal and banking information on this form ensures that funds are delivered to the employee's specified account. Both forms streamline financial processes, making it easier for employees to receive their dues from their employers.
Dos and Don'ts
Things You Should Do:
- Fill out your personal information accurately, including your last name and first name.
- Provide the correct social security number to avoid issues with your deposits.
- Indicate your account choice, whether it is a new setup or a change from another bank.
- Attach a voided check from your First Midwest Bank account for verification.
Things You Shouldn't Do:
- Don't leave any required fields blank; this could delay your deposit setup.
- Avoid using old information from previous banks to prevent confusion.
- Don't forget to include your bank account number and routing number.
- Never sign the form without reviewing all details to ensure accuracy.
Misconceptions
Here are 10 common misconceptions about the First Midwest Bank Direct Deposit form, along with clarifications for each:
- Direct deposit is only for employees. Many believe that only company employees can use this form. In fact, independent contractors and freelancers can also set up direct deposit with appropriate authorization.
- You can’t switch banks once direct deposit is set up. Some assume that changing banks is impossible after initial setup. However, the form clearly allows individuals to change their existing direct deposit to First Midwest Bank.
- The process is instantaneous. Many expect direct deposit to begin immediately. Remember, it usually takes at least one pay cycle for changes to take effect.
- Only checking accounts can receive direct deposits. There is a misconception that direct deposits are limited to checking accounts. The form specifies that deposits can be made to either checking or savings accounts.
- You don’t need to provide a voided check. Some people think they can skip attaching a voided check. This is essential for correctly verifying account numbers and routing information.
- You must inform your employer immediately if you terminate direct deposit. Another myth is regarding the notice period. While notification is necessary, it can take up to two pay periods for the direct deposit to stop.
- All fields on the form are mandatory to complete. While most fields are important, certain information may not be mandatory depending on individual circumstances and state requirements.
- Direct deposit means you will never receive a paper paycheck. Some believe that opting for direct deposit means losing the option for paper checks altogether. Employers may still provide pay stubs or paper checks if requested.
- There are no fees associated with direct deposit. While most banks do not charge for direct deposit services, it’s crucial to ensure there are no account fees that could affect your overall banking experience.
- Once set up, there’s nothing else to do. People often think the process is over once the form is submitted. In reality, regular review of bank statements is necessary to confirm that deposits are accurate and timely.
Key takeaways
When filling out and using the First Midwest Bank Direct Deposit form, consider the following key points:
- Provide accurate employee information including last name, first name, and social security number. This ensures the employer can verify your identity.
- Choose whether you are establishing a new direct deposit or changing your existing one. Make this selection clearly in the form.
- Include your First Midwest Bank account number and routing number to ensure deposits are directed to the correct account.
- Indicate whether the direct deposit will be for a checking or savings account.
- Specify the amount of direct deposit. If depositing your full paycheck, indicate that clearly.
- Sign and date the form at the bottom. A signature is required for the authorization to be valid.
- Attach a voided check from your First Midwest Bank account. This serves as a reference to verify the routing and account numbers.
Understanding these elements can facilitate a smooth direct deposit setup or transition. Ensure to keep a copy of the completed form for your records.