WFM UK: Wagestream: Bank Letter Template

Bank Letter Template

As recommended in the following article - Wagestream - Considerations - companies should send a letter to their bank before going live with Wagestream. This is so that the bank does not incorrectly identify Wagestream e-wallet sort codes as errors.

Fourth has provided a template for this letter - please see below. This can be copied and pasted as necessary.

{date}

To Whom It May Concern:

My name is {name} and I am the {title} at {employer}. I am writing about our upcoming employee payroll run on {paydate}.

Our company uses Wagestream Ltd to provide our employees access to real-time payroll. As part of the service, our employees’ net pay is deposited directly into the employees’ Wagestream e-wallets.

Those wallets all have sort code 04-00-58.

As a significant portion of our employees have elected to enrol in Wagestream, you will find that our upcoming BACS file will have many payments into the same sort code. This is not an error.

Please expect a material portion of all upcoming BACS payments to include multiple instructions to this sort code. Please ensure that this does not cause the BACS file to be rejected or flagged for unusual activity, as this would delay our employees from receiving their pay.

If there are any questions you may reach out to me, or directly to Wagestream:

Wagestream Ltd
https://wagestream.co.uk
compliance@wagestream.co.uk

Company Number 11173225
ICO Registration ZA421647
FCA 902046
Registered with the Financial Conduct Authority as an EMD Agent of PayrNet

Thank you for your time.

Your sincerely,

{name}
{title}
{employer}

For more information on Wagestream & Fourth, please visit - Wagestream - Article Contents Page