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Know the Details about Direct Deposits
For employees receiving paychecks, most employers will give the option of “direct deposit” of those monies. To receive direct deposit, you provide your human resources department with your bank account information. Then, your check is deposited automatically in your checking account, instead of your being handed or mailed a paper check. Here is some information to help you decide if the direct-deposit option is right for you.
First, keep in mind that direct deposit can make things easier for your employer and your bank, so both may offer incentives to get you to sign up for a direct-deposit program. For example, it costs the bank less to process the deposits electronically than to have a teller handle your physical check, so the bank may waive certain account fees if you sign up for direct deposit. With very large employers, there may be an existing agreement with a bank or credit union, which might give you further bonuses for opening an account and make direct deposit even easier.
Direct deposit may make things even easier for you, as well:
- It saves you trips to the bank.
- It gives you more banking choices: it may be easier for you to keep an account with a bank that doesn’t have many physical branches nearby if your paycheck is being deposited directly.
- The money in your paycheck is available more quickly.
- You don’t have to worry about misplacing a check.
There are, however, a few potential disadvantages of direct deposit:
- If you want to switch the bank account where your money is deposited, you’ll have to let your Human Resources department know about this, rather than simply taking your check to a new bank.
- The money will be available to you quickly — and to anyone else who might have access to your account. If you need to exercise more control over your paycheck, you might need to stop direct deposit, and it may take a period of time for the direct-deposit transactions to be cancelled.
- Banks, and their computers, are fallible: you’ll have to keep an eye on your account, especially at the beginning, to make sure the direct deposit is happening on schedule and with the correct amount of money.
For many people, the convenience of direct deposit will outweigh the potential disadvantages.
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Do you plan to move yourself or hire a moving company to assist you?
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