Purpose

To notify agencies of the General Checking Account bank change from Bank of America to Key Bank

Affected Employees

All employees who receive a New York State payroll check currently issued from Bank of America are affected. This change does not affect State Insurance Fund employees.

Effective Date(s)

Administration checks dated September 1, 2010
Institution checks dated September 9, 2010

OSC Actions

OSC will begin issuing New York State employee payroll checks from the General Checking Account maintained by Key Bank.

Agency Actions

Agencies should notify employees of the bank change from Bank of America to Key Bank.

This bank change will have no effect on the current process for replacement of a lost or damaged check. Agencies should complete the Division of the Treasury Form TD-346 to request a replacement of an employee paycheck when required.

Cashing of Paychecks

NOTE: This section has been revised to reflect Key Bank’s policies concerning the cashing of NYS payroll checks.

Key Bank will provide check cashing services to State employees free of charge (regardless of whether they have an account at Key Bank or not) at all branches throughout New York State on payday. During a check cashing transaction, the teller will require two forms of identification: a primary identification such as a NY Drivers License, Passport, NY DMV ID, or Sheriff’s ID; and a secondary identification such as a NYS Employee ID.

The current State policy regarding when paychecks may be presented for payment remains the same; that is, Wednesday for Administrative payrolls and Thursday for Institution payrolls. Consistent with this policy, the Division of the Treasury advises agencies that paychecks “are not to be cashed until the day dated.”

Direct deposit is a safe, reliable and cost-effective alternative to receiving a payroll check. Agencies should encourage employees to participate in direct deposit by promoting its many benefits, including: ease-of-use, improved confidentiality and security, and timely access to funds.

Questions

Questions regarding this bulletin may be directed to the Payroll Deductions mailbox.