Direct Deposit of Payroll
All faculty, staff, adjunct faculty, and hourly, including student workers are eligible for direct deposit of their pay.
Important Notice About International ACH/Direct Deposit
As a U.S. entity, VCU is obligated to comply with the requirements of the United States Department of Treasury Office of Foreign Assets Control (OFAC), which oversees payments sent outside the territorial jurisdiction of the United States. This includes automated clearing house (ACH) payments processed by VCU for payroll, student refunds, vendor invoices, and travel reimbursements. Effective September 18, 2009, new requirements were implemented for domestic and international fund transfers. As a result, there are new formatting requirements for these transactions to which VCU must comply.
VCU is now obligated to identify as an “International ACH Transaction” (IAT) any direct deposits that are (1) made by VCU to a financial institution located outside the U.S., or (2) made by VCU to a domestic financial institution if that financial institution immediately transfers the full deposit amount to an international financial institution in a “back-to-back” transaction. VCU will require employees and students to confirm, at the time they enroll in direct deposit of their payroll or student refund disbursement, that the full amount of the direct deposit is not being forwarded to a bank in another country; and if at any point a standing order is established to forward the full direct deposit to a bank in another country, they will inform either VCU Payroll Services (employees) or VCU Treasury Services (students) immediately.
There are alternative methods of payment available to employees and students; therefore, if you believe you are affected by these new requirements, please contact Payroll Services at (804) 828-0740 or Treasury Services at (804) 828-2138 .