Direct deposit is a convenient way to obtain your wages sooner as well as enjoy greater ease of accessing benefits. Not only is direct deposit easy to set up, but having a direct deposit can help you to manage your finances much more efficiently and protect you from fraud.
Direct Deposit Benefits
Enrolling in direct deposit can provide you with a variety of benefits that can increase your financial stability. For example, a great number of banks provide incentives for direct deposit, such as agreeing to waive a monthly maintenance fee that your bank may be charging you otherwise. Considering that it is common for a bank to charge as much as $15 for a maintenance or account fee, having direct deposit can save you a great deal of money throughout the year. Other financial institutions may provide rewards such as cashback or coupons and discounts for products that you use.
Government Benefits and Direct Deposit
If you are currently receiving unemployment insurance benefits, you may be able to establish direct deposit for your account in order to receive your bi-weekly or monthly benefits straight to your bank account. This can be a great alternative to pre-paid cards for unemployment benefits, which may charge fees for the use of the card. You may be eligible to receive your benefits sooner and, with direct deposit, you can easily track your benefits in order to catch a discrepancy, should one arrive, such as an underpayment or an overpayment.
Direct deposit can also be established if you are receiving Social Security or veteran benefits. This can save you a trip to the bank to cash a check and allow you to avoid other types of payment methods, giving you a greater level of convenience and a sense of control over your finances.
Environmental Benefits of Direct Deposit
If you would like to do your part to benefit the environment, you can start by enrolling into direct deposit. Direct deposit is a great way to reduce waste by eliminating the paper statements that you would otherwise receive from obtaining a paycheck. Additionally, you will reduce the pollution that is caused by your vehicle as you will no longer have to visit your bank in person to process your check.
Save Money with Direct Deposit
There are a number of ways that you can save money with direct deposit. With direct deposit, you can set up your deposit to provide a portion of your income to a savings account each pay period in order to build an emergency fund. Additionally, you can generally access your funds right away rather than having to wait a set period of time after depositing a check. Direct deposits can regulate the dates that you can expect to receive payment, which can help you to enroll in autopay with bills such as your utilities, cable or insurance. Generally, companies are willing to provide you with additional discounts for enrolling in direct deposit.
Pay Bills Quicker
Not only can direct deposit save you money but having a direct deposit can make it easier for you to pay your bills each month. Most banks will allow you to set up automatic bill pay where funds are automatically withdrawn after you have received a direct deposit into an account. This can help you to establish a financial system that can reduce the stress of number crunching and budgeting.
How to Establish Direct Deposit
Setting up direct deposit is a simple process that can be done rather quickly. Your employer or benefits provider can assist you in setting up a direct deposit for the first time. Generally, you will only need to provide your bank account number and routing number, which you can obtain by contacting your bank, reviewing your account online or viewing the numbers at the bottom of one of your bank checks. In some cases, you may also need a voided check in order to establish a direct deposit. It is worth knowing that it may take a few weeks for your request to be processed, so you may receive one more paper check before you begin to receive direct deposit payments.
If you are interested in establishing direct deposit and you do not yet have a bank account, it is worth knowing that some financial institutions will provide you with additional benefits if you create an account and add direct deposit within a set period of time. These benefits could be in the form of a cash incentive or another type of reward.
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