Updating Employees Bank Account

What if the banking information for my employee was incorrect?

The Telpay for Business software performs account number validation wherever possible based on information provided by the Canadian Payments Association. If the system cannot validate the banking information you have entered, the system will indicate this to you and request that you enter the information twice. However; if a deposit is rejected, you will be notified via e-mail. Once the funds have been returned by the bank to Telpay the money will be deposited back into your company bank account. Please note there is a $10.00 service charge for any rejected items.

What happens if an employee’s bank account has changed? If it is closed?

If an employee’s bank information has changed and the payroll has already been sent off we may be able to recall the funds for a $25.00 charge depending on the time frame. If the employees still has access to their old account they will have access to their funds. If an employee’s bank account is closed the bank has up to 3 business days to return those funds to Telpay. We will return the funds to your company bank account less the $10.00 return items fee.

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