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Advantages of Direct Deposit

February 12th 2014 by
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6b6Today, convenience is a priority for most people. So, if you’re still receiving a paper paycheck from your employer, consider getting your paycheck directly deposited into your checking account electronically. It’s easy and hassle-free, but direct deposit has other advantages, too.

Setup is a breeze. If you decide to switch to direct deposit, let your employer know. You will be asked to fill out a direct deposit form. Make sure you have your credit union account and routing numbers and a voided check from the account you want your paycheck to be deposited into. Most forms include a picture of a check to show where the account and routing numbers are located. Some employers will allow you to allocate your earnings into more than one account, such as a personal checking account and a savings account.

It’s safe and secure. Paper checks can get lost or stolen, but that’s not the case with direct deposit payments. Because paper checks are eliminated, the risk of forgery or theft is minimized as well.

Quick and convenient. With direct deposit, you won’t have to wait to deposit or cash a paycheck or wait for the funds to clear. Your money will be available for use sooner than it would with a paper check. Deposits scheduled to fall on weekends or holidays are typically posted earlier. No more squeezing in trips to the credit union to deposit your paycheck. Plus, whether you are ill or away on vacation or business, your money still gets deposited.

Save cash. When you have your earnings electronically deposited into your credit union account, you’ll be less tempted to withdraw money than if you were physically in the credit union with your paycheck. This might help you save money and make you think twice before impulsively withdrawing cash.

Online bill pay is easier. Direct deposit makes paying bills online a whole lot easier, because you’ll know just when your earnings will arrive in your account. Then you can schedule automatic bill payments for added convenience and to make sure your bills are never late.

Direct deposit for Social Security benefits. Now you can set up direct deposit of Social Security benefits. It’s more secure; you won’t have to worry about your check getting stolen or lost in the mail. To get started, go to the Social Security Administration’s direct deposit page here: www.socialsecurity.gov/deposit/howtosign.htm. After you enroll, you’ll begin receiving benefit payments in your credit union account each payment cycle.

Go direct with other government agencies. Today, more government agencies are opting to use direct deposit, including unemployment offices, the Veterans Benefits Administration and the Internal Revenue Service. After you enroll with the IRS for direct deposit, you will be able to have a tax refund directly deposited into your specified credit union account. Plus, it’s faster than waiting for a mailed refund check!

Now that you understand the advantages of direct deposit, why wait any longer to reap the benefits? Talk to your employer or a government agency about setting up direct deposit, and make the switch today.

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