Are you starting a new career? Tired of waiting for paper checks to arrive in the mail? Direct deposit is the best way to get paid. Hooking up your bank account with your employer’s payroll system is faster, easier and more convenient than receiving a paper check. Paper checks have always been the traditional way to get paid, but over the years, this method has revealed its fair share of problems.
The way in which you receive your paycheck impacts your entire financial profile. With direct deposit, you can rest assured knowing your paycheck will automatically deposit into your account on the same day each week (or bi-weekly). This helps you schedule payments, work up a savings plan and more.
Thinking of setting up direct deposit? Millions of Americans use this method to get paid easily and quickly. Setting it up takes no time at all, and once you’re enrolled, there’s nothing else that you need to do.
It’s not hard to see why direct deposit is the fastest way to get paid. On payday, simply navigate to your bank account app or website and see your money in your account. It’s that easy. Plus, many banks will even show your deposit as soon as it hits midnight. No more waiting for 5 o’clock to roll around and rushing to the bank to cash it.
Enrolling in your employer’s payroll direct deposit system is not only fast, but more convenient compared to picking up a paper check.
With direct deposit, you can get paid no matter where you are in the world. If you’re on vacation, you can still breathe a sigh of relief knowing your paycheck will hit according to its normal schedule.
It’s important to understand the details before you enroll. Although rare, some banks may charge fees for using direct deposit or have minimum balance requirements. However, most
financial institutions want you to enroll. Your bank might even provide an incentive for signing up.
Most employers prefer using direct deposit because it helps the payroll system remain consistent. There is always a chance that standard paper checks could be delayed due to accounting errors or mail carrier issues.
Paper checks are also at risk of being misplaced, which could further delay the time it takes to get your money. And, even after depositing it into your bank account, you might not get access to the money right away.
Setting up direct deposit is a no brainer if you want to get paid faster and more easily. When you start a new job, simply ask the human resources department about enrolling. However, nearly all employers require you to choose a method of payment before you ever start your first day of work. Using direct deposit could even help you repair your finances. Most direct deposit enrollment forms have an area where you can specify a certain amount or percentage of your paycheck that you’d like to deposit into a savings account. This is one of the most stress-free ways to build your savings.