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Direct Deposit What is Direct Deposit? Direct Deposit allows you to have your wages, retirement benefits, and other funds deposited directly into your checking or savings account. Direct Deposit is proven to be safer, more convenient, and more reliable than paper checks. Direct Deposit is safe. Electronic Payments are never lost or stolen. On the other hand, the Federal Government estimates that more than 4 million paychecks are lost or stolen each year. In addition, FBI studies show that 2,000 fraudulent checks are cashed each day in the United States. Direct Deposit is the most convenient way to be paid. Whether you are receiving your pay every week, once a month, or once each quarter, your funds will be in your account on the payment date. There is no need for you to spend anxious hours waiting for the check to arrive in the mail or waiting in line to deposit your funds. And most employers will issue a payment stub that is identical to what you receive with a traditional paycheck. It will show how much was deposited into your account and how much was taken out for taxes, insurance and other items. Direct Deposit is reliable. With Direct Deposit, your money is in your account on the payment date and is available for withdrawal at the opening of business at your financial institution. It does away with the need to worry about your account balance–whether you travel or work long hours. If you travel or work long hour, you have the security of knowing you payment has been deposited in your account.
Direct Deposit helps you manage your finances and gives you peace of mind. |