Direct deposit is important for several reasons:
- Convenience: No need to visit the bank, funds go straight to your account.
- Security: Reduces risk of lost or stolen checks.
- Fast access to funds: Money is available immediately or on the payment date.
The Web:
You can access direct deposit via two ways:
1. Transfer Money tab:
2. More menu:
Select Direct Deposit and click Get Started. You will see the message "Looking up your payroll account" .
The system might recognize an existing payroll account. If this is the correct payroll account, click Continue.
Choose which bank account you would like to add your direct deposit setting. Click Continue.
A verification code will be sent to your registered phone number.
Select your paycheck distribution. You can choose to deposit your full or partial paycheck.
For partial paycheck, you can choose an amount or percent, and the remainder will be deposited into the existing account.
Review, confirm, and agree to Terms and Conditions. Click I agree and then Confirm.
You should see a success message and receive an email confirmation.
If this is not the correct payroll account, select Search for different account. This will bring you to look for your employer, payroll provider or gig. Once you select the appropriate option you will be asked to log in. Log in and complete the steps to connect Panacea to your Direct Deposit.
Lastly, if you are unable to find the payroll account, you have the option to create a direct deposit form to provide to your employer. Click here to learn more.
The App:
Click on Transfer Money > Direct Deposit. Follow the same prompts as above.
You can also click the More menu > Direct Deposit.
