Durham, NC - There have been recent changes to the payment system rules for direct deposit based on guidelines from the U.S. Office of Foreign Asset Control. Under the new regulations, individuals who forward 100 percent of their direct deposit payment to a foreign financial institution must meet specific reporting requirements.

The conditions for these reporting requirements are noted below:

1)  Payments were received as a direct deposit to a U.S. financial institution

AND

2) 100 percent of the direct deposit funds are transferred to a foreign financial institution

Since these payments are now required to be sent using new formatting requirements, individuals must notify employers and paying agents to discuss available options.

Duke faculty, staff, retirees and students who meet both conditions above are required to notify the appropriate department:

Students:
Bursar's Office: (919) 684-3531 or bursar@duke.edu

Faculty and Staff:
Payroll Services: (919) 684-2642 or payroll@duke.edu

Retiree:
Human Resources: 684-5600 or hr@duke.edu

Please note that individuals who transfer partial or no funds to a foreign financial institution are not impacted by this new regulation; therefore, no action is required. In addition, the amount of the net pay is not impacted by this regulatory change.

For more information about these changes, please visit the National Association of Colleges and University Business Officers' website.