|DATE:||September 12, 2003|
|SUBJECT:||Discontinuance of Electronic Funds Transfer Prenoting|
|EFFECTIVE DATE:||Payroll Period Beginning September 14, 2003 and Ending September 27, 2003 Paid October 10, 2003|
|CONTACT:||Carol Beck||(785) firstname.lastname@example.org|
|SUMMARY:||Discontinuance of Electronic Funds Transfer Prenoting|
In an effort to streamline the direct deposit process, a policy decision has been made to discontinue the process of prenoting electronic funds transfers. This change allows employees to receive the benefit of direct deposit immediately rather than receiving a check while waiting for the prenote process to complete. Prenoting is not required by the National Automated Clearing House Association (NACHA) and has resulted in minimal error returns.
This change in policy will be effective with all direct deposit information entered in SHARP with an effective date on or after September 14, 2003. When entering direct deposit information into SHARP using the path Compensate Employees/Maintain Payroll Data/Use/Direct Deposit, agency personnel will now be required to turn the Prenotification Required checkbox off. Regent's institutions are responsible for ensuring that prenote transactions are no longer included on their pay detail files effective with paychecks issued on or after October 10, 2003. The PRENOTE_REQD field on the employee direct deposit record (record 075) should contain a value of 'N'.