Account Number

• If you wish to receive funds electronically, you must first have a valid bank account where the funds can be deposited. Checking accounts are the most common type of accounts that accept direct deposits. However, many financial institutions will also permit electronic deposits of funds into your savings, retirement or brokerage account or even the accounts of others. The account number designates you as the beneficiary of the direct deposit sent to your bank. If the account number is incorrectly provided, the funds will never reach your personal account.
  
  

Routing Number

• A routing number, sometimes called an ABA number, is a nine-digit code used to identify a specific financial institution. This number is important, as any electronic deposits will be first transmitted to the bank and then ultimately to your corresponding account number at the bank. If the routing number is incorrect, the funds will be sent to the wrong bank and never reach you. The routing number is listed on your checks or can be provided by calling customer service at your bank.
  
  

Authorization Form

• The bank where you wish to have your funds electronically deposited usually requires a completed authorization or direct deposit form. This form gives permission to your bank to accept electronic deposits into your account from a specified sender. The form also binds you to the bank's policies for processing direct deposit payments, such as availability of the funds or the time of day the funds will be deposited. The authorization form may also ask for your bank account and routing numbers as well as instructions from you on how to handle incoming deposits.
  
  

Voided Check

• Most authorization forms and direct deposit setup instructions ask for a voided check on the account where the funds are being deposited. All checks are imprinted with the routing and account numbers. This lets the parties involved verify the accuracy of the information you provided in a direct deposit form or by other means. Depending on the transaction, a voided check is a requirement, and a direct deposit request will be rejected if you do not provide this. Some banks require an actual check instead of a copy of a canceled check.
  
  

Contact Information

• For each direct deposit or electronic deposit source, the bank will also want to have contact information for yourself and the sender. This includes the organization's or individual's name, address and phone number. This information is important to have on file in case there is a problem with the electronic funds transfer, and it allows the bank to contact the sender to resolve any problems. Additionally, it's a good idea to provide your bank's contact information to the payments sender.