It’s 3:00 PM on payday. Have you deposited your paycheck? Are you tired of being held hostage by your paycheck? Are trips to your financial institution on your lunch hour something you'd like to eliminate from your payday routine? If so, Direct Deposit is the answer.
Advantages
Convenience is the most obvious benefit; however, added interest earnings, safety and confidentiality are additional advantages. There’s no need to wait for a paper check, take it home, endorse it, then wait for a chance to get to the bank. With Direct Deposit, your money is in the bank and ready to use when you need it.
Safety
Direct Deposit is the safest way to get your money into your accounts without having to worry about lost, stolen, or damaged checks. Millions of employees nationwide enjoy the benefits of Direct Deposit through their employers. In fact, our nation’s largest employer, the federal government, uses the Direct Deposit as its primary method of payroll.
How It Works
Direct Deposit is a program in which your pay is automatically deposited into your checking or savings account. You do not need to worry about finding time to deposit your check or making special arrangements for it when you are out of town or sick. With Direct Deposit, your money is in your account on payday.
With Direct Deposit, you decide how to divide your pay among your accounts and it will be done automatically each payday. There is still a record with Direct Deposit. Most employers will issue a payment stub that is identical to what you receive with a traditional paycheck. It will show how much was deposited into your account and how much was taken out for taxes, insurance and other items. In addition, your monthly bank account statement will provide a record of the deposits made to your account.
Confidentiality
Direct Deposit is one of the most confidential methods of processing a paycheck. Checks processed via a traditional payroll can pass through as many as twelve persons before reaching your account. Direct Deposit eliminates this problem. |
|
|
© 2007 Champlain National Bank. All rights reserved. 
Equal Housing Lender. Member FDIC. Privacy Policy. Security Statement.