Can school districts use a payroll direct deposit clearing account?
A.R.S. 15-1221(D) allows a school districts governing board to establish a bank account to make payroll direct deposit payments to financial institutions designated by school district employees. The account must be a clearing account maintaining a zero balance and not accumulate funds except for any accrued interest balances that must be credited to the M&O Fund at the end of each fiscal year.
A.R.S. 15-1221(D) allows a school districts governing board to establish a bank account to make payroll direct deposit payments to financial institutions designated by school district employees. The account must be a clearing account maintaining a zero balance and not accumulate funds except for any accrued interest balances that must be credited to the M&O Fund at the end of each fiscal year. 4.
