Direct Deposit is a safe, easy, time-saving feature designed to make your life easier. Of course with fewer trips to the bank you'll have to figure out what to do with all your extra time.
What is Direct Deposit?
Direct deposit is the electronic transfer of a payment from a company or organization into an individual's checking or savings account. It is ideal for more than just payroll; including, payments, tax refunds, pensions, dividends and bonuses.
Did you know?
Research indicates that you may save the equivalent of three workdays each year by not having to go to the bank to deposit checks and not having to make any extra trips to the office to pick up your paycheck. Learn more about all the benefits of direct deposit.
Establishing direct deposit of your paycheck requires you to go through your employer, who will have the paperwork needed to set it up. Your employer will want your Social Security number and a voided check from your checkbook containing your bank's routing number (a number assigned by the Federal Reserve to identify your bank) and your account number. The routing number is the first set of numbers on the bottom left of your check. The routing number is followed by your account number and the number of the check itself.
It usually takes about two weeks for direct deposit to kick in. After it does, instead of your regular paycheck, you will receive a voucher that looks similar to a check from your employer stating how much was deposited to your account and all the same information on taxes, benefits and other deductions that were on your paper paycheck.