Yes. You'll provide company bank information to Zenefits for payroll setup and bank account verification purposes.
Each Zenefits Payroll account can have one bank account on file. This account can be different from the company's primary bank account in Zenefits (in Dashboard, under Settings, click Company), and will be used by Zenefits to:
- Pay employees on each payroll.
- Pay Federal and State taxes.
Bank account verification
Zenefits Payroll accepts only corporate checking accounts. All bank information must be validated before the account can be used. There are two options for validating company bank information in Zenefits Payroll:
- Automatic verification for supported banks.
- Choose the bank from the list of supported institutions.
- Provide a password and username for the company's account with that institution.
- If the company has more than one account with the institution, pick the account that should be used for Zenefits Payroll.
- Test transactions using to the company account. (Companies whose bank is not supported by Zenefits' verification partner must use this option).
- Enter the account holder's name, and valid routing and account numbers. Zenefits will initiate two deposits to and one withdrawal from the account.
- The transactions should show up in 1-2 business days. Once transactions post to the account, click Pending in the Payroll card to enter the amounts and verify the account.
- Once your bank account has been verified, you'll need to take one more step to confirm ownership of your bank account. This two-step verification process provides you with additional security.
Automatic verification for supported banks is not mandatory, and can be declined in favor of the test transactions method. The rest of a Zenefits Payroll account can be completed in advance of the test transactions, but payroll cannot be run until the bank account is validated.