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The document provides instructions for Federal employees on how to process direct deposit payments, including net salary, allotments, and other agency-approved payments. It outlines the necessary steps and information required for completing the form, such as employee details, account type, direct deposit account information, and authorization. Additionally, it includes guidelines for starting, canceling, or changing savings or discretionary allotments.

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What does a direct deposit enrollment form do?

Direct deposit authorization forms authorize employers to send money directly into an individuals bank account. In times past, employers would print out and distribute physical checks on pay day for each employee to deposit into their bank accounts themselves.

What is the purpose of the direct deposit enrollment form?

It can take up to 30 days to process a direct deposit change request. Closing out your old account before weve updated your bank information can result in missing and returned payments.

What is the purpose of direct deposit?

The deposit slip serves as proof that the bank acknowledged receiving the funds from the customer if the customer later checks the account balance and discovers the deposit was not reported correctly, The deposit receipt proves that the deposit was made, but the receipt only shows the total of the deposit.

How long does it take DFAS to update direct deposit?

DIRECT DEPOSIT ACCOUNT INFORMATION. ROUTING TRANSIT NUMBER (your financial institutions 9-digit routing transit number) ACCOUNT NUMBER (your account number at your financial institution) ACCOUNT TITLE (the depositors name on the account to which payments are to be directed)

What does depositor account title mean on direct deposit form?

The DFAS CL Form 1059 is used to authorize direct deposit for federal net payments, such as military pay or retirement benefits. This form ensures that your payments are deposited directly into your bank account, making it more convenient and secure.

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