Tuesday, April 28, 2020
Many of our clients are opening new checking accounts to track expenses relating to Payroll Protection Program loans. Setting up a new payroll checking account is a 4-step process:
- You must complete a Payroll Checking Account Change Form. The form can be downloaded by clicking here. After completing, please fax it to us at 616.791.7901. You can also email it to us securely by clicking here.
- After sending us your form, please email firstname.lastname@example.org with the subject: New Checking Account Request to let us know you have sent the form. We will notify our ACH Provider, NatPay, and they will send two pennies transactions to your new account, one debit and one credit for the same amount. We will respond to your email with the anticipated date you will receive the pennies transactions. You should login to your account on that day to verify the amount of the transactions.
- After verifying the amount of the pennies transactions, email us at email@example.com to confirm the amounts.
- FlexChecks will confirm the amount with NatPay and your account is ready to use.
Please note the following:
- Please keep in mind that this process generally takes 2-3 business days to complete when we rush the process (which we are currently doing for all requests).
- Payroll should not be submitted until you have been notified by FlexChecks that NatPay has confirmed the pennies transactions and your new checking account is setup in our system.
- You can choose to have separate checking accounts for different payroll transactions. This means you could have one account debited for net pay, taxes, and third party payments, and another for fees. We will assume you want ALL payroll transactions from the new account unless you notify us differently.