Direct Deposit is an electronic transfer of funds from an organization such as your employer, a retirement plan or the Social Security Administration, directly into your checking account. Direct Deposit can help you save time, save money and is a convenient way to ensure your funds are available as soon as possible.
How Direct Deposit works:
Direct Deposit is sent to your account at the credit union through the Automated Clearing House (ACH), America’s largest electronic payments network. The transaction is initiated by submitting an electronic file which is then allocated and distributed to each person’s account on specified pay dates.
You’ll enjoy numerous benefits from Direct Deposit:
- Convenience – Having your paycheck directly deposited into to your checking account eliminates the need for you to visit your local branch to deposit your paycheck each pay period.
- Promotes savings – By having your paycheck directly deposited into your bank account, you reduce the risk of over-spending. When people cash their paychecks, they are more likely to spend a larger portion of their pay than when the funds are deposited directly into their account.
- Reliability – When you are absent or on vacation, you will not need to make special arrangements to obtain your paycheck; it will automatically be directed to your bank account.
- Environmentally friendly – Since your funds are directly deposited into your account, you save paper by eliminating the need for a printed check and you save gas that you would normally consume by driving to and idling through the branch drive-thru.
What are you waiting for? Contact your employer and ask to enroll in direct deposit today!