According to the most recent findings, more than 93% of US employees prefer to receive their salaries through direct deposit. And it is no surprise, direct deposits are a quick, easy, and convenient way to receive paychecks.
Combined with modern solutions like online banking and mobile banking apps, direct deposits allow us to access our money more comfortably than ever before.
But what about pay stubs, are employers still providing those? Is there a way to get pay stubs if you receive your salary through direct deposit?
Yes, there is, and this article will show you how to do it.
What Are Pay Stubs?
Pay stubs are documents provided by employers to their employees, on which employees can see how their gross earnings are broken down to net pay amounts and deductions. They generally contain information about the employees’ tax withholdings, health insurance fundings and retirement contributions.
In addition to being informative, pay stubs are actually a very important document for both employers and employees.
For employers, they serve as an official bookkeeping record that proves that the employees are paid accurately to audits. They also simplify creating tax reports and help companies keep track of their expenses.
For employees, pay stubs can serve as proof of income which is a necessary document when applying for financial services like credit cards, loans, and leases, but also when applying for health insurance, housing, etc.
What Is a Direct Deposit?
Direct deposit is an electronic transaction of funds from one bank account to another without the use of paper checks.
The majority of workers in the US prefer direct deposits as the method for receiving their salaries because it is a convenient way to get paid, which saves them several trips to the bank every month. Moreover, these payments are usually very quick, and the average direct pending deposit takes a few hours to one day to get to the employee’s account.
On the other hand, employers also prefer to pay employees through direct deposits because it protects them from the risk of stolen checks and forged signatures. Overall, it is a safer and more efficient method than paper checks.
Traditionally, pay stubs were provided to employees alongside their paychecks, but with more and more employees switching to direct deposits, paper pay stubs are slowly dying out.
How to Get Pay Stubs From Direct Deposit
Since electronic banking completely eliminates paper, how can employees who get their paychecks through direct deposits get their pay stubs?
It turns out there are several different ways.
Get Pay Stubs From Your Payroll Provider
Most companies rely on third-party payroll service providers to take care of paying their employees through direct deposit. If that is the case for the company you work for, you might be able to get a pay stub from your payroll provider’s website. If you have an account, log in to the website and look around for a pay stubs section. In most cases, you will be able to download the pay stub into your computer and print it out.
Get Pay Stubs From Your Company’s Employee Website
Some companies create employee websites that give employees access to useful information and documentation. If the company you work for has such a website, chances are you will be able to find pay stubs on it. Log in to the employee website, find the pay stubs section, and download and print out the pay stubs.
Get Pay Stubs From Your HR Department
If both the above methods don’t work for you, you might have to contact someone to help you get your pay stubs. In most companies, the human resources department should be capable of generating pay stubs upon employee request. They can either print them out for you or send them to your email, and you can download them and print them out yourself.
And if you were unable to get the pay stubs from the HR department as well, the only thing left to do is to ask your boss or employer directly to get you your pay stubs.
Pay Stub Alternatives
Since there is no federal law that requires employers to provide pay stubs to their employees, there’s a chance that you will not get your pay stub even if you ask your boss for it. However, there are other documents that you can use as proof of income instead of a pay stub.
- Employment Verification Letter. If your employer refuses to provide you with pay stubs, they might accept to provide you with an employment verification letter, which also works as proof of income.
- Bank statements. Most employees who don’t regularly get pay stubs usually use bank statements with records of their deposits and withdrawals as proof of income. You can get them easily from your bank in person, online, or through an app.
- Tax returns. Traditional employees can also use their W2s, and self-employed, freelance, and independent contractor employees can use their 1099 as proof of income.
Unlike pay stubs, employers are legally obligated to provide employees with W2s, so you must be able to get yours.
The Bottom Line
As we distance ourselves from using paper and embrace modern solutions, paper pay stubs will slowly become a thing of the past. More and more employers utilize payroll software, giving employees instant access to their salary information and allowing them to get the documents they need individually without asking anyone for help.
However, we are not quite there yet, and it is comforting to know that there are alternative ways employees can prove their income when filing applications.