Hello, Joy876. I understand how important to verify direct deposit easily. I'll share insights on why SSN is needed when processing one in QuickBooks.
QuickBooks requires a valid SSN for direct deposit verification, even if the business account is linked to an EIN. The SSN is used for identity verification purposes, ensuring compliance with regulations.
This guideline complies with the Office of Foreign Asset Control (OFAC) of the U.S. government to help fight the funding of terrorism and money laundering activities. This requires us to obtain, verify, and record information identifying the principal officer of an account used for electronic services, including direct deposit. For more details, see this article: Principal Officer Verification for Payroll IDV Holds.
Also, you can open these links to guide you in setting up direct deposits for your company and employees to pay them in QuickBooks:
Post again in the Community if you have questions about direct deposit or with QuickBooks. I'm here to keep helping.
