What do I do if employees have money market accounts or accounts that are not bank accounts (e.g. brokerage money management accounts)?
Financial services companies can receive payments electronically via Chase Online for Business, as long as the company accepts payments through the Automated Clearing House (ACH) network. In these instances, the payroll direct deposit must go to a checking type account. To determine if an employee can be paid directly, contact the financial services company and ask them if they can receive ACH payments. If so, you will need to obtain the financial services company’s nine-digit bank routing number (sometimes referred to as the ABA number). Then just add the employee to your Employee List using this financial institution’s bank routing number and the employee’s checking account number.
