Date: September 21, 1999
Bulletin No. 121
|Subject||New York's College Savings Program|
|Purpose||To avoid on-line entry errors|
|Affected Employees||All employees|
|Background||This is a supplement to Payroll Bulletin #91 (dated April 9, 1999) on New York's College Savings Program. It addresses data-entry problems that have been occurring while entering direct-deposit information for participants in New York's College Savings Program.|
Two on-line entry errors have been
occurring frequently which can prevent or delay an employee’s College
Savings Program contributions from being properly credited to the employee’s
account (see illustration):
1. The employee’s social security number must be entered in the direct deposit account number field.
In order to ensure that funds are
properly deposited to an employee’s College Savings Program account, a
complete account number must be entered. There are three parts to the
Both the bank transit and program account number are pre-printed on the direct deposit enrollment form. The employee’s social security number must also be entered. If the social security number is not entered, the direct deposit may be rejected.
2. Account type "checking" must be selected.
The direct deposit form for the College Savings Program has a pre-printed check mark for account type. Checking must be selected when entering on-line information.
|For Additional Information||
Questions regarding this bulletin may be directed to the Payroll Deductions mailbox.