What Do I Do With a Direct Deposit Voucher?

A direct deposit voucher, often called a direct deposit advice or pay stub, is a document that confirms an electronic transfer of funds into your bank account. It serves as a record detailing the payment you received. This document is typically issued by an employer, a government agency providing benefits, or another payer.

Understanding Your Direct Deposit Voucher

A direct deposit voucher provides a detailed breakdown of funds electronically transferred to your bank account. It typically includes the recipient’s name, the employer or payer’s name, and the payment date. The voucher also shows both the net pay (the exact amount deposited) and the gross pay (total earnings before deductions).

The voucher itemizes all deductions from your gross pay, including federal and state income tax withholdings. Other common deductions involve health insurance premiums, retirement savings plans like a 401(k), and contributions for programs like Social Security and Medicare. Your bank account and routing numbers are usually shown partially masked on the voucher. The document also specifies the pay period it covers and often includes year-to-date totals for earnings and various deductions.

No Immediate Action Required

Receiving a direct deposit voucher means the funds have already been electronically transferred into your bank account. Therefore, no immediate action is required, such as physically depositing or signing it. The document serves purely for informational purposes, confirming the payment and detailing its components.

This voucher is a valuable record for your financial files. It assists in reconciling your bank statements, allowing you to verify that the deposited amount matches the voucher. Keeping these vouchers is helpful for budgeting, understanding income patterns, and preparing for tax season, as they provide a clear breakdown of earnings and withholdings. It is advisable to retain these documents for at least three to seven years, especially for tax purposes or if payment discrepancies arise.

What To Do If There Is An Issue

If you identify a discrepancy between the information on your direct deposit voucher and your bank account balance, or if the payment amount is not what you expected, check your bank statement. This confirms whether the expected deposit was processed, or if there is a difference in the amount.

If the voucher was issued by your employer, promptly contact their payroll or human resources department. Provide them with the specific details from your voucher, including the payment date, gross pay, net pay, and any deductions that appear incorrect. For vouchers from a government agency or other payer, such as for Social Security benefits or a tax refund, contact that entity directly. Having your direct deposit voucher available with its details will assist their investigation into the discrepancy.