Can my employer see my bank account balance if I authorize them direct deposit?

Question

I work a couple of jobs for my university. I'd like to set up direct deposit as my checks tend to get lost. However, I also get financial aid etc, and my Bank of America checking account is a joint account with my parents' occasional deposits too, and has some other important info.

If I set up Direct Deposit Authorization with my college payroll office, they say it'll be much easier and i won't have lost or expired/stale checks anymore. However, I wonder if they can see my sensitive financial information like the bank balance, how much money i have or owe, stuff like that? And can they extract money out of my account if they say they paid me the wrong amount etc? Thanks!

Answer 1

No they wont be able to see till you give them the authority to do that. I trust Citibank services and feel much secure with it. And Citibank also offers great schemes with maximum benefits. you can have a look at this site for more information https://www.citibank.com.sg/SGGCB/APPS/p...

Answer 2

Dont Worry.. No one can view or check your bank balance unless you authorised them to operate. Your college payroll office can only deposit money / cheque in your account and they cant extract money from your account.

Also keep your Login ID and password of your online bank account and debit card PIN NO etc.  

Answer 3

Anyone who direct deposits cannot see what is in your account.  However, if they make a mistake, they can reverse the direct deposit.  That happened to me once when I was accidentally paid for regular hours and vacation.  Fortunately my employer called me and said they would send a check instead.

But I also have to watch documents received from my employer which are usually the stub of taxes and retirement contributions, direct deposit amounts, and non-negotiable check, because they send a real check during a transition between their banks (rare), bonus, etc.

Answer 4

Bank's main & first responsibility is they should not reveal or inform their customer bank details to others. Income tax dept & other legal

inquiry excluded

Answer 5

No they can't.  But you're old enough that you should have your own account, not a joint one with your parents.

Answer 6

No, of course not!

Answer 7

No.  I am the finance and HR manager and my department handles the direct deposit.  All we know is what is on the direct deposit form the employee fills out.  Account #, Routing Number whether it is a checking or savings account and the Bank.  We send a file to our bank authorizing them to distribute funds to the listed banks/accounts.  We never have any access to any of the employee's banking information.  Not account balances, not if it is a joint or single account.  Not if it is a regular savings or money market.

We only send information, we do not receive any.  Direct Deposit leaves you completely protected and you don't worry about losing your check.