Direct deposit is a great tool for having your paycheck dropped directly into your bank account. It’s a convenient way to get your money, especially if you need to trust yourself with cash. But did you know there are even more benefits to setting up direct deposit? Here are some of the top reasons why you should look for banks with early direct deposit:
No Time Spent Waiting For a Check in the Mail
Most people today have direct deposit and have done so for a long time, but some still don’t. If you are one of those people, it might be time to get on board. There are many benefits to setting up your paycheck as direct deposit:
- You don’t need to go to the bank or post office to deposit the check because it is automatically deposited into your account without you doing anything.
- You don’t need to worry about waiting for a check to clear because it only clears after it has been deposited into your account.
- You no longer have to concern about lost or stolen checks being cashed by someone else because they never leave your possession. This can save you money and protect against identity theft risks associated with lost or stolen checks being cashed by someone else who looks similar enough that no one notices the difference between them at first glance (i.e., twins).
No Lost or Stolen Checks
We all know what it’s like to lose a check, but it can be more than just an inconvenience. Checks are often used for fraudulent purposes, and checks can be forged or altered easily by someone who has access to your bank account information. Some people have lost their identity due to stolen checks being misused by people with access to their information. Setting up direct deposit is easy to keep your money from being misused or taken from you!
No Need to Rush to the Bank – Your Money is Available on Payday!
There is no need to hurry to the bank to deposit your paycheck. Instead, your money will be available on payday. No waiting in line at the bank and no worries about lost or stolen checks.
Electronic Funds Transfers Are Environmentally Friendly
Electronic Funds Transfers are environmentally friendly because they don’t require the production of checks or envelopes. When you set up direct deposit in your account, you will no longer need to print and mail checks. Instead, you can make automatic, recurring, and scheduled payments for bills straight from your bank account with just one click on your phone or computer.
SoFi finance experts say, “Note that most employers take a rare weeks to set up a new direct deposit, so set it up today!”
Direct deposits are a great way to ensure you always have money in your account. They’re also easy, convenient and environmentally friendly! If you still need to set up a direct deposit with your employer or would like more information on how to do so, contact experts today.