Manage Direct Deposit & Payment Elections

Per the university's Salary Administration Policy, "Direct deposits of paychecks are required for all employees who are paid through the University payroll system." Payment Elections in MyDay are the different accounts you use for direct deposit and how those funds are distributed. New employees are required to set up their payment elections in their first week at The New School. Most new employees will complete this directly in MyDay, but others may be required to complete the Direct Deposit Form. Please contact your manager or payrollhelp@newschool.edu with questions.

There are two "pay types" for payment elections:

1. Regular: This election is used for your payroll paychecks.
2. Expense: This election is used for reimbursement from expense reports.

There are two "payment types" for your payment elections that indicate how you will receive the funds: direct deposit or ADP Pay Card.

Access your payment elections in MyDay at anytime by typing “Payment Elections” in the Search bar and clicking on the Payment Elections report in search results.

Add Account

Follow the below instructions to add an account in MyDay for direct deposit. New employees may need to complete a physical form for their initial enrollment in direct deposit.

1. Log into MyDay. See Logging into MyDay if you need assistance.
2. Click the Global Navigation Menu icon in the top left corner.
   
3. Click the Pay app.
   
4. Click Payment Elections under the Actions menu.
   
5. Click Add.
   
6. Fill in the Account Information. Note: By default, the entire balance of your paycheck will be directly deposited to the first account that you add in MyDay.
   
1. Account Nickname (optional) to help you identify the account
2. Account Type: Checking or Savings
3. Bank Name
4. Routing Transit Number and Account Number: You can find this information on the bottom of one of your checks associated with this account or online if you use online banking.
   
7. Click OK to save.

Once you have added an account, it will be automatically associated with both your Regular (payroll) and Expense (reimbursement) payment elections. Both will default to depositing the full balance into the account. If you would like to deposit into a new account, distribute into alternative accounts (e.g. Regular pay into X account, and Expense pay into Y account), or split your pay amongst multiple account you will need to:

• Add an additional account via the steps above, and
• Follow the below steps to manage/adjust your payment elections.

Manage Payment Elections

Please note: An account may only be deleted if it is not associated with a payment election. Payment elections can also be managed by typing “Payment Elections” in the Search bar and clicking on the Payment Elections report in search results.

1. Log into MyDay. See Logging into MyDay if you need assistance.
2. Click the Global Navigation Menu icon in the top left corner.
   
3. Click the “Pay” icon.
   
4. Click Payment Elections under the Actions menu.
   
5. A new window will appear with different sections for Accounts and Payment Elections.
1. Accounts box: You can edit or remove bank accounts using the Edit, Remove, and View buttons. Follow the above instructions to add new accounts.
   Reminder: An account can only be deleted if it is not being used as an election. Remove the Payment Election (step B below) before removing the account.
   
2. Payment Elections box: You can divide your check to different accounts.
1. Click the Edit button for the appropriate account. Edit the "pay type" of Expense to adjust the election for your expense reimbursement, or select Regular to adjust your payroll election.
   
2. You can divide your check up to 5 different accounts by clicking the add row icon and filling in the fields.
   
3. The Country and Currency fields will auto-populate when you click the prompt icon.
4. In the Payment Type column, use the prompt icon to select how you would like to receive your payment (Direct Deposit or ADP Pay Card).
   Reminder: You must complete the Consent Form with the Payroll Office to use an ADP Pay Card.
5. Balance / Amount Percent column:
1. Select Amount if you want a certain amount of your payment to go to an account.
2. Select Percent if you want a specific percentage of your payment to go to an account.
3. Select Balance if you want the remainder of your payment to go to an account. Only one of your accounts can have "Balance" selected.

Return to MyDay Payroll & Compensation Guide.