Direct deposit is a paperless method for employers and other administrative parties to deposit payments into your bank account.
Most large companies and an increasing number of smaller businesses offer employees direct deposit—and some use direct deposit exclusively. The good news is that direct deposit is actually safer and more convenient than paper checks. Key benefits include:
- Immediate accessibility. Get same-day access to your funds without a trip to the bank to deposit your check. You can even set up an alert to notify you when the deposit is made.
- Reliability. Your money is automatically deposited, no matter where you are.
- Safety. There’s no need to worry about lost or stolen checks.
- Money management. You can assign your direct deposit to one account or divide it between two, three or even more accounts that help you work toward your financial goals.