Secure and easy to use, PayWeb is a cutting-edge administrative portal that provides more control and automation over benefit payment data in real-time. Use PayWeb to seamlessly view and update payee and payment data, access payee tax information and tax forms, and generate critical reports.
Our training materials cover every topic with easy to follow details and information.
Welcome to the new KeyBank Institutional Advisors PayWeb experience. We're glad you're here. In this video, we'll touch on all the general navigation functions within the PayWeb portal. By the end of this video, you'll have a better sense of where functions are located and how to navigate to specific areas as needed. Again, this video is for general navigation purposes only and does not delve into specific tasks or functions of certain fields. For more information about performing a specific task, please reference the full general navigation user guide, our quick reference guides and videos by visiting key.com/paywebtraining or contact your Institutional Advisors relationship manager. All right, so with that said, let's learn how to navigate the PayWeb portal.
We'll start with the PayWeb home screen. This home screen serves as the primary hub for PayWeb users, providing the user direct access to the following menu options. Under the master file section, we have the pay group list, which takes the user to the pay groups available to the user, the payee list, which takes the user to the payees in the pay group or groups available to the user, the installment list, which shows installments set up and the pay groups available to the user, the payment list, which allows the user to view payments that are in process or in held status, pending release, and the checklist, which shows the check or EFT records for payees in the pay group, available to the user.
Then we have the reports section where we can create, which allows the user to request available ad hoc or on demand reports, pending reports, which shows a list of those requested and pending release, and download, where the user can download ad hoc or on-demand reports or monthly reporting packages. Finally, we have the utility section. Under utilities, we have waiting to process, which shows the status of reverse checks that have been requested.
So, let's move into a quick review of these individual areas. So, we'll start by taking a look at the pay group list. Under the master file section click pay group list. The pay group list shows the groups that the user has access to. In this case, we have two pay groups listed, one for installment payments, and one for lump sum payments signified by the L in the pay group number. Clicking on view in the leftmost column of any record will open that record. Double clicking anywhere on the row will open the record as well. This is true for similar lists seen throughout this video.
The list screen columns are available to sort if the column header has a visible caret next to the column name. This will sort the list for the records displayed in the list, not the entire master file.
From here, we'll advance to the pay group view, by clicking the view link on a pay group. The pay group view page includes information about each pay group or groups. The message box in the top right shows pay group configuration data and the gray box in the top middle of your screen houses an overview of payments to date, and other information related to payees or payments within that group. Navigate to the payee installment, payment and checklists from the pay group records, by utilizing the links in the top left of your screen. In this case, we'll select the payee list.
As a best practice, you can always see your location in the system and navigate back to prior pages, by referencing the links listed just below the KeyBank logo in the top left-hand corner of your screen.
Now we're on the PayWeb payee list screen. This screen shows a list of the payees within a specific pay group. The payee list screen provides a hyperlink to jump to the record in the master file indicated by the column header. Hyperlinks from the list screen are indicated when an underline appears while hovering over a master file record. If a payee ID or alternate numbers are being used in the pay group, the available list section allows access to these alternate indexes. If prohibited by Omnipay security this field will display as all asterisks. The list filters on the top right side of the screen provide the ability to filter the list by pay group or status, that would be active, held, inactive or deleted. There is a search function in the top left corner of the screen. This function is typically used to quickly locate a specific payee based on certain parameters. You can search by name, payee social security number, and a host of other categories. Click the refresh button in the top right corner to proceed with the search. Clicking on view in the leftmost column, or the payee ID number of any of those records will open that record.
Next is the payee view screen. The PayWeb payee view screen is the hub to access every record associated with an individual payee. In the top left corner, you can see general information about the payee including the pay group number, payee social security number, their status and their name. The payee view features important details for individual retirees or pensioners including the tax ledger, new payment, and new installment links. The message box in the top right contains information about the payee and the type of plan that they're in. Changes such as updating for a new address are simply done by typing over the existing information. If the change is to be effective at a future date, select the future date button at the top of the screen. You'll click the submit button from there to update the record.
Now we'll run through the tabs in the lower half of the screen which provide access to specific payment details. Again, this video is purely for navigation purposes. So, we'll run through the most important tabs with you, but if you'd like more information about the other tabs, please reference the PayWeb navigation user guide on the training hub.
We'll start with the home tab. This tab shows payee address and tax address, tax information and important dates.
The EFT tab shows EFT instructions to be used for installment payments if applicable. Note that to change EFT instructions, you inactivate the current instructions, and open a new EFT tab, such as EFT 2, and update for the new instructions. Make sure you activate the new instructions as well. The deductions tab shows the deductions used for this payee.
Note that if you have a payee address change where the payee is moving to another state, you should select the new state withholding via the dropdown menu.
The miscellaneous tab, which is used to update the payee's phone number, email address, or other important information about the payee. The user defined fields tab is next, which is primarily used to enter initial information for a payee web pensioner portal credentials letter distribution to a new pensioner or retiree, which is housed in the start year, month, day field, seen here.
There's also the summary tab, which offers hyperlinks and sub tabs to view installments, payments, check history if they have one, in this particular example, they do not. You can also click on view tax forms in the top left of the payee view screen, which will bring up a list of tax forms that you can download as well. If your access allows, the add new payment tab function will appear on the right side of your screen allowing you to add a new payment for the payee. You can reference the setting up a new payment quick reference guide for more information on how to do this.
The add new installment payment tab serves as a way to add a new installment for the payee as well. Again, your role based access will dictate whether you see this. The additional tabs on this screen are notated in our navigation user guide, but play more of a minimal role in most cases. Again, if you'd like more information, please reference our additional training materials on the training resources page, or contact your Institutional Advisors relationship manager.
Now we'll take a closer look at the installment list screen. The installment list displays recurring or installment payments that are set up in the system for payees. This screen provides links to access the installment record indicated by the column header. Again, clicking on the view link or double-clicking the record will open it. Similar to the functions mentioned earlier, the available list in the top left corner of the installment list screen provides the ability to search by pay group or payee ID number. The filters in the top center of the installment list screen provide the ability to filter the list by various parameters as well. Click the refresh button in the top right corner to proceed with a search, then click the view link on the appropriate record.
Next let's take a look at the installment view screen. The installment view screen contains the address, tax information and installment distributions for the payee selected. The gray center panel shows the installment header information which shows critical amounts related to this installment.
The tabs provide access to specific installment details. The home tab shows the payee address including alternate addresses and tax information as well as control information like stop and start dates and annuity type. The alternate payment tab shows EFT or wire instructions if applicable, but is rarely used. The funds tab shows the funds source within the pay group for the installment, including amount, and stop and start dates. The deductions tab, which shows the deductions such as medical insurance and federal and state tax withholding. Additional fields are listed on the screen but are not typically used. Again, for more information on these tabs, please reference the full navigation guide hosted through the training hub or available through your relationship manager.
Next we'll take a look at the payment list. The payment list screen displays payments that are in process or payments that have not yet been released. This screen provides hyperlinks to jump to the payment record indicated by the column header. The search capabilities function in a similar way as mentioned in prior segments, as you can search based on parameters and filters. Clicking the view link, or double-clicking the record will open it for viewing.
Now we're on to the payment view screen. This screen displays important information and details related to an individual payment. The home tab contains the payment status, address, tax information and payment distribution instructions. The gray center panel shows the installment header information, including gross payment, deductions, and net payment amount. The tabs provide access to specific payment details. Many of the fields and functions in these tabs will look familiar to you as they are identical to those mentioned earlier in the video.
Next let's move on to the Check List. The Check List screen provides a list of checks or EFT payments. The checklist has hyperlinks to access the check or EFT record indicated by the column header. Similar to the search function mentioned earlier in this video, you can search for individual checks as needed, by using the available list in the upper left corner of the screen as well as the filters in the top center of your screen. Click the refresh button in the top right corner to proceed with the search, then click the view button on the specific check you'd like to review.
Now we're on the check view screen. This screen provides a view of all of the specific details associated with a check or an EFT. The home tab contains the address, distribution, instructions and check status of a check or EFT payment that's been made to the payee. Providing your role-based access allows, this screen includes the reverse or reject functionality to stop a reissue a check, or an EFT payment, which will be located at the top left of your screen. Please refer to the stopping of payment or EFT quick reference guide for more information on this function.
The gray center panel shows the check header information which includes gross check or EFT amount, deductions, and the net check or EFT amount. Again, the tabs at the bottom mirror the fields in details as listed earlier in this video. For more information, reference the navigation user guide or contact your relationship manager.
Now let's take a look at the report section. Selecting create brings us to the create reports screen. Here, we'll select from the list of reports and parameters available for requesting from PayWeb. Select a report or any other parameters needed, and click on submit to go to the pay group selection screen. The pay group selection screen allows for selecting any number of pay groups for the report being run. Check the box next to the pay groups needed and hit refresh to add them to the chosen box. To remove a chosen pay group, highlight that pay group in the selection box and click the X above. Click on submit to go to the report option screen. The report option screen allows for choosing the various criteria needed for a given report. You can also enter your email address and the email field to receive a system generated email once the report is available. Once completed, select submit to load the request.
Now, after navigating back to the home screen, we'll select pending reports. This page displays the reports you've requested. Pending reports remain on this screen until they become available for downloading. Please note reports are ran three times per day, at 10:00 AM, 1:00 PM and 4:00 PM Eastern. Once the transactions have been processed in the next cycle they will be accessible in the download option on the main menu.
Now we'll navigate back to the home screen quickly, and select download. The download reports page will show all reports requested by the user or for the user, as well as monthly reporting packages. Reports are available in Word and Excel formats for downloading. For more information about reports, reference the create and download reports quick reference guide on the training hub. Finally, we'll navigate from the PayWeb homepage to the waiting to process screen, under the utility section. This screen shows the status of reverse checks or reissues. For more information about stopping a payment, you can refer to the stop payment or EFT quick reference guide for detailed instructions, or contact your relationship manager for a walkthrough of the process.
This concludes our training video on general system navigation within PayWeb. For more information and in navigating or using the PayWeb portal, contact your Institutional Advisors relationship management team, or visit key.com/paywebtraining.
Welcome to the new KeyBank Institutional Advisors PayWeb experience, we're glad you're here. In this video, we'll walk you through each step needed to set up a new payee in PayWeb as a plan sponsor or third-party administrator.
Once you log in, you'll be on the portal homepage or main dashboard of PayWeb, from this dashboard click pay group list listed at the top of the master file section.
Next, select which pay group you'd like to add a payee to, there are two common pay groups listed in the system. There is the installment pay group, which is for pensioners that receive regular payments as part of their retirement benefits, commonly monthly payments. And there is the lump sum pay group, which is for retirees and pensioners that receive a single lump sum distribution. This group is commonly notated by an L listed as the first letter in the pay group number field, then you'll click the view link.
Next, you'll select payee list in the top left corner of the screen to locate the full payee list for that particular pay group. Once on the payee list screen, click new on the right side of the screen to create a new payee within the pay group payee list. You'll then see a pop-up window enter your screen, enter the add new payee details including company, pay group number and the payee's social security number which will be listed in the payee field. Once complete, click the OK button.
Now, now we're ready to enter the details for our new payee. Within the payee view screen, complete the required information which includes their name, be sure to enter names of new payees in the format of last name comma first name and be sure to enter it in all caps. The address and you'll note that tax information is automatically populated based on the address. The tax name or address, if that's different from the above name and address and date fields, including the birth, participation date and separation dates. The participation date field is optional but is recommended to include if possible, this date would be the date the employee was originally hired. As an important best practice, when you complete each tab within the payee profile, be sure to click submit in the top right corner of your screen continuously. This button serves as a save button for the profile and if you do not click submit, you could potentially lose any information you entered.
Now we'll move on to the EFT tab. If the pensioner had elected to receive payments via direct deposit or an electronic funds transfer, also known as an EFT, select the EFT tab on the payee view screen. Here you'll complete the necessary information for the EFT payment associated with the payee. Ensure all of the required fields are completed including the bank name, as an important note, please be sure to double-check the bank name field is spelled correctly and that you type the bank name into the field in all capital letters. The routing and transit number, the account number, the account type, deposit type, percentage of payment, which is commonly listed as 100 and then be sure to double check the information, then select active under the status field. Click the submit button to save changes.
Next you'll select the deductions tab on the payee view screen, here you'll be able to see and add any required federal or state tax deductions that might be needed for this payee. Add applicable deductions for the payee by using the select a deduction to add drop down menu. The deductions available in the drop-down are pulled from the pay group setup, note the tax deduction amounts will automatically calculate based on the most recent tax tables when you set up the payees installment or lump sum payment. As an additional best practice, be sure to scroll to the right on the page to ensure a marital status matches what was selected in the documents you received from the payee.
Select the miscellaneous tab on the payee view screen, you can use this tab to track additional information about the payee, this would include things like their email address, phone number, gender or other notes related to the payee. Enter any of the additional optional fields here, none are required, however, as a special note, it is highly recommended to input the payee's email address and phone number to ensure you have their latest contact information on file within the system.
Next, select the user defined yields or UDF tab on the payee view screen. This tab allows you to enter and manage important information for the payee to access PayeeWeb, the retiree and pensioner portion of this portal. Next, you'll enter the date information into the start year, month, day field to generate the payee's credential letters for the PayeeWeb pensioner portal. This date should always be the first business day after the date of the payee's first payment.
As a special note, the PayeeWeb pensioner portal is only used by payees receiving installment payments, if you are setting up a payee for a lump sum pay group, you do not have to enter a date into the start year, month, day field.
Now you'll click submit at the top right of your screen to finalize addition of the payee. A confirmation message popup will display confirming the addition of the payee. If something was entered incorrectly, you'll be notified at this point and prompted to correct the issue by the system.
Now we'll discuss the maintenance of a payee or updating information in the payee view screen in the case of address changes, account changes or other needs. To change any information in the payee view tabs, simply locate the payee record you want to update and type in the new information, then click submit which will automatically update this record.
You can also locate individual payees in the payee list for the pay group, which is located in the top left of your screen right next to the home link. You can also access the maintenance tab in the payee record which lists who made the last change to the payee record and when they did it.
This concludes this training video for setting up a new payee in PayWeb. For more assistance in navigating or using the PayWeb Portal, contact your Institutional Advisors relationship management team or visit key.com/paywebtraining for more information.
Setting Up a New Payee
Welcome to the new Key Bank Institutional Advisors pay web portal experience. We're glad you're here. In this video, we'll walk you through the setup of a new installment or lump sum payment for a payee.
We'll review the two different types of payments that can be set up in PayWeb and provide step-by-step instructions for scheduling these with individual payees. First, we have installment payments. These are regularly scheduled benefit payments typically monthly or quarterly to pensioners or retirees. In addition to the regularly scheduled installment the payee may also need to receive an associated retro or off-cycle payment, which is done through this pay group. Second, we have lump sum payments. These are typically a single lump sum payment to the retiree. These payments can be processed as rollovers or non-rollover payments. If your plan allows for lump sum payments you'll have a separate designated pay group for these payments. So with that said, let's get started with basic installment payments.
First click on the Pay Group List button in the Master File section of the Home navigation menu. Select the pay group the payee is located within, and that you'd like to add the payment to. Again there are two pay groups in the system to select from. One pay group is for installment payments. The other for lump sum payments. The Lump Sum Pay Group is notated by the letter L at the beginning of the pay group number. So in this case, we'll select the installment pay group which is the account number that does not include the L at the beginning of the pay group number. Click the View link to select the pay group.
Select the payee list in the top left-hand corner of your screen. From the payee list screen, locate and select the payee you want to add the installment payment for and click the View link or the Payee ID which will open the Payee View screen for that payee. Once in the payee view screen, select new installment listed to the right of your screen. Please note when completing the setup of a new lump sum payment or installment in Pay Web, you should use the New Payment or New Installment buttons. You should not use the Payment Wizards button in the upper left corner, as it's only applicable in very specific scenarios. Confirm the payee and the pay group information for the installment payment is correct. Then click the OK button. As a special note this information is pre-populated if accessed within a payee contact record.
Now we're on the Installment view screen. Here, you can complete the relevant fields for the payment. The address field is pre-populated based on the payee's address information in the Home tab on the Payee view screen. It should be reviewed and updated if changes are needed. The tax information panel is already populated with defaults and should be reviewed and updated if needed as well. An option to enter alternate addresses for the mailing of a check or payment advice is also available. The alternate addresses are used in a situation when a payee temporarily resides in alternate locations, such as an Ohio resident, who goes to Florida for a few months every year. As a user note, the first tab you'll see in your list is the Alternate Payments tab. Note that foreign installment payments set up you do not update data in this tab. If the payee has elected to receive the installments via Electronic Funds Transfer or EFT, the installment will always pull from the EFT data you've entered into the EFT tab on the Payee view screen. The first tab we'll select from is the Funds tab. Here use the Select a Fund to Add drop down to select the fund to be used. Upon selecting the fund to use, it will appear below and you can update the remaining fields.
The important fields to complete are the Amount field, which is the amount per installment that the payee will be receiving; the Start Date, which is the date that payments were submitted into the system. Always list today's date as the start date; the Stop Date which is the date when the payee should stop receiving payments. If the retiree or pensioner receives a lifetime benefit simply list 12/31/9999 in the field to indicate this method. And then the Next Paid field, which is the first regular installment, which should be sent to the payee as part of that upcoming payment run, typically the first or last day of the month. Note that if a retro or off-cycle payment is due to the payee, it will be handled separately.
Next you'll select the Deductions tab. Here information pre-populates pulling payee data you entered from the Payee view screen onto the Deductions tab. Be sure to double check the information in each field to ensure it's correct. The deduction amounts will then calculate when you click the Forecast Installment button. All information is then reset within the forms and the gray box in the top center of your screen which houses gross payment, deductions, net payment and year to date information. You'll then click New to finalize the installment setup.
Next we'll walk through the addition of retro and off-cycle payments for a payee. From the installment view screen, select Add Retro which is located on the right side of your screen. Complete the appropriate fields, including number of payments and any notes you want associated with the payment or payments. Click Submit and the retro payment will be added for processing.
If you want to add an off-cycle payment you can select the Add Off-Cycle button. From here, the process for adding an off-cycle payment mirrors the process we just reviewed for retro payments. You'll simply add the required information and click Submit to add the off-cycle payment. In the case you need to see or track this payment or other payments associated with a payee, click the Payee ID in the top left corner of the Installment view screen.
Then you can access the Summary tab on the Payee view screen to view installments, payments or checks. If you'd like to see specific details related to a payment or installment, click the View link under that record within the summary tab. Once here, you can update or edit an individual payment by changing any of the details within the payment fields and re-clicking the Submit button to update the payment.
Now, we'll talk a bit about setting up lump sum payments. If you haven't already done so, you'll need to set up a new payee within the Lump Sum Pay Group. Note that if you've already set up a payee in the Installment Pay Group, you still need to repeat payee setup in the Lump Sum Pay Group. You can refer to the Setting Up a New Payee Quick Reference Guide and Video for instructions on how to do this.
From the Payee view screen for the new payee record you've entered or selected from the Lump Sum Pay Group, click New Payment. Ensure the field information listed in the pop-up is correct for the payee including the pay group number, payee social security number, and that this is a lump sum. Then click the OK button.
Now we're on the Payment view screen. Double check that the payee information listed is correct. The address and tax information panels pre-populate based on the information entered in the payee view screen and should be reviewed and updated if changes are needed.
Then you'll click the Funds tab. Then click the Select A Fund To Add drop-down to select the fund to be used. Upon selecting the fund to use, it will appear and you can update the amount field. The remaining data fields do not need to be updated unless you are distributing securities.
Next we'll click on the deductions tab. Please keep in mind that if you're performing a rollover lump sum payment, no action is needed for you within this tab. If performing a non-rollover lump sum payment, this tab pre-populates with data from the Deductions tab on the Payee view screen. If needed, make sure that the marital status and number of exemptions align with the tax forms received from the payee. You can then select the Compute button to automatically populate the state and federal tax information associated with the payee.
Next let's pull up the rollover tab. You'll only need to use this tab if you're performing a rollover lump sum payment. Please note that if you're processing a non-rollover payment, you can skip this tab. Here you'll enter the appropriate information for a rollover payment. Start with the bank name, which should be entered in all capital letters. For the address rollover panel, enter the rollover institution name. The first line of the address should be populated with FBO and the payee name. Then the mailing address below. Please note that the rollover account number must be updated at the bottom of the panel. If we don't have the rollover account number, the rollover institution will not know which account the check should be deposited into and we'll have to send the rollover check to the payee directly for them to provide to the rollover institution.
In the distribution section under the rollover tab enter the total amount of the rollover in the gross field. In the Tax Information section for a rollover payment, enter an update to the 1099R category using the dropdown. Note that there are two categories available. You want to use G Direct Rollover in most instances, using the first dropdown. You can also process this as a death benefit by selecting Death from the first dropdown and G Direct Rollover from the second dropdown. Again, this only applies to rollover payments. Non rollover lump sum payments can skip these steps all together.
Next we'll click the Alternative Payment Method tab if the payee has requested the payment to be processed through an Electronic Funds Transfer or EFT. Enter the appropriate information as needed including the routing number, account number and the account type. Please note that the routing number is cross-referenced against a list of valid routing numbers and will automatically return an error message if the routing number does not exist. From here you'll click new to submit the new payment. You'll receive a confirmation message confirming the payment request has been entered.
Lump sum payments, similar to installments, can also be tracked through the Summary tab located on the Payee View screen. Click the Payee ID number in the top left corner of the screen. Then you can access the summary tab on the Payee View screen to view installments, payments or checks and select individual payments to update or edit as needed. You've done it. You're now ready to set up a new installment or lump sum payment in Pay Web.
This concludes the training video for setting up a new payment in Pay Web. For more assistance in navigating or using the Pay Web portal, contact your institutional advisors relationship management team or visit key.com/paywebtraining.
Setting Up a New Payment
Welcome to the KeyBank Institutional Advisors' PayWeb Portal. We're glad you're here. In this video, we'll walk you through each step needed to create and download reports in PayWeb as a plan sponsor or third-party administrator.
You'll notice on the PayWeb Portal homepage or dashboard, you'll see three selection options for reports, Create Reports, Pending Reports and Download Reports buttons. The Create Reports button allows you to query PayWeb to structure reports on various important topics related to transactions, payees and more. The Pending Reports button shows any reports you may have requested that are in progress. The Download Reports button allows you to download packages of ad hoc and monthly generated reports from PayWeb. Any pending reports listed eventually are moved to the download reports area. We'll show you how to do it all and how to take advantage of PayWeb's powerful reporting system. Let's get started. From the portal homepage, click on Create, listed at the top of the Report section. Next, we'll select which category you'd like to run a report from.
There are five primary categories you can select from.
The Payment category, which you can use to see a pre-payment register. As an example, you could view payments in held status. The Installment category, installment payments paid to pensioners over time.
The Check category, individual check records for payments to payees. The Tax category, tax information including calculated deductions by category for payees.
And finally the Transaction category, which includes transaction details by record for each payee or pay group. A full report list guide is available in our Create and Download Reports quick reference guide, which is hosted on the PayWeb training hub.
Once you've selected a report, click the Submit button to advance. On this next page, you'll select the pay group or pay groups you'd like to pull the report from by checking the box under the Select column next to the pay group, then click the Submit button.
Once a report request has been submitted, navigate back to the PayWeb homepage and select Pending Reports under the Reports section to see a list of any reports you have requested that are pending. You will see a list of any pending reports here. If you'd like to delete a pending report before it's run, click the check box under the Select column to select the report you want to delete and click the Delete button to remove the report.
Once a report has generated, it will automatically drop from the Pending Reports screen. As another important best practice, ad hoc reports are processed three times per day, at 10:00 a.m., 1:00 p.m. and 4:00 p.m. Eastern Time. When you navigate back to the portal homepage, click on Download, listed at the bottom of the Reports section.
The download report screen shows reports that have run and are available for downloading, both on-demand reports and monthly report package reports. The reports are available in Word document or Excel worksheet formats. A complete report package can be downloaded in compressed ZIP files, or individual reports can be downloaded in a Word document or DOC file or Excel worksheet or XLS format. To download a report in a Word format, click the Report link under the Download Options column. To download a report in an Excel format, click the Extract link under the Download Options column. You may store up to four versions of each report within PayWeb to download at your convenience. Any report requests submitted beyond this will delete the oldest report package stored in the system, so please keep that in mind.
As a special note, you will receive a report with an error notification if there are any issues with the data polled or if the contact does not have data available in the fields which were queried. You've now mastered creating and downloading reports in PayWeb.
This concludes the Create and Download Reports training video. For more assistance in navigating or using the PayWeb Portal, contact your Institutional Advisors relationship management team or visit key.com/paywebtraining.
Create and Download Reports
Welcome to the new KeyBank Institutional Advisors' PayWeb portal. We're glad you're here. In this video, we'll walk you through stopping a payment for electronic funds transfer, or EFT, as a plan sponsor or third-party administrator. The process is straightforward and will provide you even more control over your plan to provide the best possible service for your retirees and pensioners. So with that, let's get started.
From the main portal home page, click on Payee List in the Master File section. Locate the payee you need to stop the payment for and click the View link or click the payee ID number to access their file.
In the payee view for the individual's record, click the Summary tab, then click the Checks tab to view all checks. You'll then select the View link on the outstanding check you'd like to place a stop payment on. Click the Reverse button in the top left corner of your screen. A stop payment pop-up box should appear on your screen at this time. Complete the Reason and Reversal Code fields, then confirm checkbox selections are correct on your screen.
There are several additional processes to keep in mind when canceling the check or an EFT. As a reminder, as is the best practice for entry in any of the fields within PayWeb, please be sure to use all capital letters when entering information into any of the fields. If the check is from the current tax year, select only Recover Withholding under the Reversal Code. If the check is from a prior year and you're doing this stop before June 30th, select only Recover Withholding under the Reversal Code. If the check is from a prior year and you're doing this stop after June 30th, make sure you unselect Recover Withholding under the Reversal Code. Additional stop or cancellation reason field comments are included in the Stop Payment or EFT Quick Reference Guide on the training resource hub or available through your relationship manager.
If the reissue check is going to the same address, you can click the OK button to submit. If the reissue check is going to a new address, update the Pay To panel with the new address and be sure to click the Update Payee address as well, and then click the OK button to submit. Note that you also have an option to change from a check to an EFT by opening the Alternate Payment Method tab and updating the account type, routing number, and account number. As a special note, do not use the Void Only option under the Reversal Code. From here, you'll click the OK button to process the stop payment.
You'll receive a confirmation notification that the stop payment has been submitted. The process timeline for check stop payments are as follows. On the first business day, the stop is entered into the system and in the nightly batch. The system verifies against KeyBank's check system to confirm that the check has not been cashed. The stop payment is then placed in KeyBank's check system. On the second business day, the check is stopped and reflected in PayWeb, and if there is a reissue, it gets processed in the nightly batch. On the third business day, the reissue check is mailed.
You can track stop payment processing by returning to the home screen within PayWeb and selecting Waiting to Process under the Utilities section. Check stop payment requests can be seen and tracked in the queue listed here.
Now we'll discuss how to recall or stop an electronic funds transfer or EFT. From the portal homepage, click on Payee List in the Master File section. Update the payee list, locate the payee you need to stop the payment for, and click the View link or the payee ID number to access their file. In the payee view for the individual's record, click the Summary tab, then click the Checks tab. Note, EFTs appear in this tab as well, which will allow you to view all payments to the individual. You'll then select the View link on the outstanding payment. EFTs will be listed as EFP1 in the Form field and will have a listed status of Cleared. Click the Reject button in the top left corner of your screen. Start by clicking the ACH Reclaim check box and complete the action date. The action date should be the seventh business day starting with the next business day after you request the ACH reclaim. For example, if you request the ACH reclaim today, the first day of the seven-day waiting period is tomorrow, providing tomorrow is a business day. Next complete the rejection date, which should be today, the day you're requesting the reclaim. As a best practice, when entering descriptions and comments, again, please use all capital letters. Select the rejection code that aligns best with the reason that the EFT is being rejected. Detailed EFT action descriptions and rejection codes are available in the Stopping a Payment Quick Reference Guide located on the PayWeb training hub or through your relationship manager. Include in the Comments field any additional notes that might be useful, which in this example is the date of death for this particular pensioner or retiree. Click the OK button to process the reject EFT request.
You will then receive a confirmation that the request has submitted. Please note, when you request a stop payment on an EFT, it will not appear on the Waiting to Process screen within PayWeb. Instead, you'll receive a separate report from KeyBank that shows the outstanding EFT stop. Now you're ready to place your first stop payment on a check or an EFT.
This concludes our training video on how to process a stop payment on a check or to reject an EFT payment. For more assistance in navigating or using the PayWeb portal, contact your Institutional Advisors relationship manager or visit key.com/paywebtraining
Stopping a Payment - Check / EFT