Direct Deposit is a safe and secure way to have your money deposited directly into your checking or savings account. The most common use of Direct Deposit is for payroll. When you use Direct Deposit, you allow your employer to electronically transfer money into your account. So instead of taking the time to deposit a check yourself, the money will automatically be deposited into your account on an agreed upon date. It’s that simple.

Although the most common use of Direct Deposit is for payroll, it can also be used for other types of payments including the following:

• Annuities
• Bonuses and commissions
• Dividends and interest payments
• Pensions
• Travel expense reimbursements

Why Use Direct Deposit?

Direct Deposit offers you many advantages over checks, including:

• Security: With Direct Deposit, you don’t have to worry about lost, stolen and misplaced checks.
• Reliability: You no longer need to wait for your check to arrive in the mail. You can have peace of mind knowing your money will always be in your account on time, and in some cases, available sooner than with a check.
• Flexibility: Direct Deposit is most often used to deposit money into a checking or savings account. If you decide to switch accounts or change financial institutions, it’s easy to change your Direct Deposit arrangements – simply fill out a form and provide your written authorization and new account information to your payor.
• Confidentiality: Because the deposit is made electronically and not by check, no one has access to personal information that is usually printed on a check, such as your address and telephone number.
• Convenience: Saves time and effort. No more special trips to your financial institution to deposit your check – a nice feature if you’re busy, on vacation or away on business.

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