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Run the Payroll Fee Auditor →Blog · Payroll Management · Financial Services
Financial Services & Accounting Firms: Setting Up Direct Deposit (2026)
Direct deposit for a financial services firm is set up once per employee with a bank authorization, prenoted, then paid through ACH on the pay schedule the state allows, with deferred compensation structures and FINRA recordkeeping settling on the same file. BEG runs financial services firm payroll for $45 per employee per month inside the payroll software you already use, all-inclusive, live in 3 to 5 business days.
Setup for financial services firms
Each employee signs a direct deposit authorization with routing and account numbers, the account is prenoted with a zero-dollar test before the first live deposit, and split deposits are recorded per employee. Federal law does not let an employer make direct deposit mandatory to a bank of the employer's choosing, and most states require a paper or pay card alternative for employees who do not opt in.
Financial services employees generally meet the administrative exemption duties test when their work includes collecting and analyzing a customer's income, assets, investments or debts, determining which financial products fit, and advising on their advantages and disadvantages. An employee whose primary duty is selling financial products does not qualify for the administrative exemption.
Timing and the financial services firm pay cycle
The ACH file goes two banking days before payday for the funds to land on the date, which means hours for financial advisors and CPAs close earlier than the payday itself, and deferred compensation structures for the period is settled on that file or on a documented later settlement date. Off-cycle runs, final checks and corrections use same-day ACH where the bank supports it.
The rules behind this page, with sources
General information, not legal advice. Every rule below was read on the agency page linked next to it.
- Financial services employees generally meet the administrative exemption duties test when their work includes collecting and analyzing a customer's income, assets, investments or debts, determining which financial products fit, and advising on their advantages and disadvantages. An employee whose primary duty is selling financial products does not qualify for the administrative exemption. [DOL Fact Sheet #17M]
Read the full guide to how to set up direct deposit, and the rest of the financial services firm payroll library.
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Frequently Asked Questions
Can a financial services firm require direct deposit?
Federal Regulation E bars an employer from requiring deposit to a particular bank; the employee chooses the account. Many states add that a no-fee alternative must be offered, so a written opt-in with an alternative is the safe policy.
When does the financial services firm pay file have to be released?
Two banking days before payday for standard ACH. Same-day ACH is available for off-cycle runs and corrections at a higher per-item cost. Financial services employees generally meet the administrative exemption duties test when their work includes collecting and analyzing a customer's income, assets, investments or debts, determining which financial products fit, and advising on their advantages and disadvantages.
What does managed payroll cost for a financial services firm?
$45 per employee per month, all-inclusive, inside the payroll software you already use, with no monthly minimum. Deferred compensation structures, FINRA recordkeeping and performance fee payroll are configured at setup, not billed as add-ons.
Related Resources
Anthony leads payroll solutions at Business Executive Group, a national managed payroll firm serving businesses across industries including Financial Services & Accounting Firms. BEG manages payroll at $45 PEPM, all-inclusive, with deep expertise in compliance, multi-state filing, and industry-specific payroll requirements. Get instant pricing at beghr.com.
Authoritative source: IRS: Understanding Employment Taxes
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