Direct Deposit

Why Stand in Line?
Direct Deposit is the electronic transfer of a payment from a company or organization into the checking or savings account of an employee, retiree,

taxpayer, or shareholder. The payment can be divided among several different accounts and, in many cases,between different financial institutions.

The most popular application of Direct Deposit is for payroll, but it can also be used for many other types of payments, including:
  * Annuities
* Bonuses and commissions
* Dividend and interest payments
* Pensions
* Travel expense settlements
* Tax refunds
* Social Security or other government payment
More About Direct Deposit
  Why should I choose Direct Deposit?

Direct Deposit is safe and confidential.

* Payments made by Direct Deposit have never been lost. In fact, you are much more likely to have a problem with a check.

* Direct Deposit is more confidential. A check passes through many more hands than an electronic transfer.

* Problems with Direct Deposit, which are rare, are quickly resolved. By contrast, problems with checks may take much longer to correct, sometimes up to three weeks.

Direct Deposit is convenient and saves you time.

* By using Direct Deposit, you may save the equivalent of three workdays each year by not having to go to the bank to deposit checks.
* You don't have to be in town for your money to be securely deposited into your account. No more extra trips to the office to pick up paychecks.

Direct Deposit is fast.

* Direct Deposit gives many people access to their payments earlier than a check. There is no waiting for a check to clear.
* Income tax refunds can be delivered to taxpayers within days rather than months if the state uses electronic filing and Direct Deposit. (Associated Press, 10/27/00)

Direct Deposit helps you manage your finances.


Source: Direct Deposit and Direct Payment, www.directdeposit.org and www.directpayment.org.