For employees, getting FSA reimbursements quickly and securely is simple. By setting up direct deposit through ACH (Automated Clearing House), they can have funds transferred directly to their bank account instead of waiting for paper checks to arrive in the mail.
Simple Setup Process
Setting up direct deposit for reimbursements takes just a few minutes:
- Log in to your MyEnroll360 account
- In the main menu, select Employees, and navigate to the "ACH Preferences" in the Tools section
- Click "Edit" next to "FSA Reimbursement Direct Deposit"
- Enter your name, bank account number, and routing number
- Review all information for accuracy
- Re-enter your password and click "Submit"
Once completed, all future FSA reimbursements will be automatically deposited into the designated bank account.
Why Choose Direct Deposit?
Direct deposit offers several advantages over traditional paper checks:
Faster Access to Funds
With ACH transfers, funds typically appear in the bank account within 1-3 business days after a claim is approved. Paper checks can take 5-10 business days to arrive by mail, plus additional time for depositing them.
Enhanced Security
Direct deposit eliminates the risk of lost or stolen checks. Banking information is stored securely, and funds transfer electronically without physical documents changing hands.
Greater Convenience
No more trips to the bank to deposit checks or waiting for mail delivery. Reimbursements are automatically deposited into the account, even when traveling or away from home.
No Additional Cost
There's absolutely no charge for receiving your reimbursements via ACH. This service is provided free of charge, while lost paper checks may incur replacement fees.
Direct Deposit vs. Paper Checks: A Quick Comparison
|
Feature |
ACH (Direct Deposit) |
Paper Check |
|
Processing Time |
1-3 business days |
5-10 business days |
|
Security |
No risk of lost or stolen checks |
Can be lost or stolen in mail |
|
Convenience |
Automatic deposit to your account |
Requires manual deposit |
|
Cost |
Free |
May have fees for reissuance |
Get Started
Encourage employees to take a few minutes to set up direct deposit through MyEnroll360 today and experience faster, more secure FSA reimbursements.
Note: Banking information entered in the system is encrypted and secured according to financial industry standards. Your privacy and security remain our top priority.
Benefit Allocation Systems (BAS) provides best-in-class, online solutions for: Employee Benefits Enrollment; COBRA; Flexible Spending Accounts (FSAs); Health Reimbursement Accounts (HRAs); Leave of Absence Premium Billing (LOA); Affordable Care Act Record Keeping, Compliance & IRS Reporting (ACA); Group Insurance Premium Billing; Property & Casualty Premium Billing; and Payroll Integration.
MyEnroll360 can Integrate with any insurance carrier for enrollment eligibility management (e.g., Blue Cross, Blue Shield, Aetna, United Health Care, Kaiser, CIGNA and many others), and integrate with any payroll system for enrollment deduction management (e.g., Workday, ADP, Paylocity, PayCor, UKG, and many others).
