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Managing Your Bank Accounts

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This job aid outlines the activities for an Employee to add an additional bank account for use when electing direct deposit for payment and how to edit existing bank accounts in Workday.

Prerequisites

You must already have existing bank accounts set up in Workday to make changes using this job aid.

Important Information

  • Payment Elections is the term used by Workday to refer to your preferences for receiving earnings (Payroll) and reimbursement (Expense).
  • Bank accounts you would like to have available as options for direct deposit must first be added in the Accounts section of your payment elections in Workday.
  • You can distribute funds across multiple bank accounts (up to five).

Getting Started

Navigate to Payment Elections

  1. Select the Pay application.The pay application icon
  2. Select Payment Elections.The payment elections button under actions

Add New Bank Account

  1. Under Accounts, select Add.The payment elections page with the add button highlighted
  2. In the Account Information section, add the following information:
    • Account Nickname. Workday Services recommends you use this to distinguish between accounts.
    • Routing Transit Number. This is a nine digit number found on a check, deposit slip, or in your online banking information.
    • Bank Name. This is the name of your bank (e.g., Bank of America).
    • Account Type. Select Checking or Savings.
    • Account Number. This is located on a check, deposit slip, or in your online banking information.

Account information fields including routing transit number, bank name, account type and account number

Note: The Bank Identification Code field will not be used at this time.

  1. Select OK. The new bank account now appears in the Accounts section.Two bank accounts with the new one highlighted

Add Bank Account to Payment Election

  1. Under Payment Elections, select Edit for either Payroll or Expense. In this example, we will add another account to Payroll. However, using these same instructions, you can also edit the Expense row for any reimbursements you receive.The Payment Elections Table with the edit button emphasized for both the payroll and expense rows
  2. Select the Plus Sign (+) icon to add the new bank account.The Add Payment Election button

Note: you can also select the Minus Sign (−) icon next to any existing accounts to remove them.

  1. You will be prompted to enter the following:
    • Country. Select United States of America.
    • Currency. This will auto-populate based on the Country selected.
    • Payment Type. Select Direct Deposit.
    • Account. Select the new account.

The left side of the Payment Elections page displaying the country, currency, payment type, and account columns

  1. Enter the Distribution Type. When using multiple bank accounts, you must select an amount or percentage to be deposited into these accounts.
    • Balance. Only one account can have a Balance distribution. Whatever amount or percent of funds not already assigned to another account will be deposited into this account.
    • Amount. You can select an exact amount to be deposited into an account (e.g., $2,000).
    • Percent. You can select a percentage of your payment to be deposited into an account (e.g., 25%).

The right side of the Payment Elections page displaying the balance/amount/percent column, listing 25% for the top account and balance selected for the bottom account

Note: In the above image, 25% of the paycheck will be deposited into the top account and the balance (75%), will be deposited into the bottom account.

  1. Select OK.

Editing Existing Bank Accounts

  1. Under Accounts, select the Edit button for the account you want to edit.The account section with the edit buttons emphasized for two existing accounts

Note: You can also select Remove to delete an account.

  1. Make changes to the Account information, as needed (more information can be found in the Add New Bank Account section of this job aid).The Account Information section accessed via the edit button
  2. Select OK.

This completes the overview of Managing Your Bank Accounts.