Why Teachers Shouldn’t Close Old Account Immediately While Changing Pay Point
A teacher might modify their pay points for a number of reasons. Teachers frequently change their pay points in order to obtain credit from financial organizations that first need them to open salary accounts with them.
At the same time, there is a movement to banks and Saccos with extensive ATM networks or whose debit cards are accepted at numerous retail establishments, including supermarkets, motels, gas stations, hardware stores, and so on.
In this article, I’ll explain why it’s crucial to keep your old account active until your salary transfers at least once to the new account.
It’s crucial to keep in mind that, depending on the time of the month, your request might reach TSC too late to be taken into account for the upcoming payroll. Due to the fact that your income will be posted to the account you just closed and returned to TSC by the bank or Sacco, this would put you through a great deal of inconvenience.
You will surely find yourself in an embarrassing situation as a result, despite the fact that your salary is readily accessible in their system, financial institutions are prohibited from depositing funds into locked accounts.
Accounting requirements require that these unused funds be sent back to the sender.
In the event that your salary is returned, the following things will occur before you receive your money:
The Sacco or bank will find this unapplied money when performing their reconciliation.
The financial institution issues a check for your salary to TSC and mails it to their corporate office.
The check is delivered to TSC by the banking institution’s head office.
TSC deposits this check and looks into the reason for the salary return.
Once the TSC has determined that the closure of the account is to blame for the salary being returned, it writes to you asking for your current pay point information.
If you haven’t already submitted the request for a change of account, the data of the current pay point are recorded on the payroll.
Your new account receives the refunded salary.
If you wait to take action after quickly realizing that you haven’t been paid, the return salary cycles may continue for several months, accumulating your income at TSC.
It is becoming more and more obvious that anytime you switch pay points, you should always keep your old account open until your salary transfers at least once to the new one.
Attach certified copies of your bank plate, ID card, and most recent pay stub at the same time that you fill out the change of pay point form, and make sure they get to TSC on time.
Please do not give your bank or Sacco these documents to forward to TSC. This can help you avoid the drawbacks of the drawn-out procedure of publishing a returned salary to you.
Why Teachers Shouldn’t Close Old Account Immediately While Changing Pay Point
