With Direct Deposit via ACH, you can receive your pay into your checking or savings account, prepaid card, or payroll card on payday. Because your pay is transferred electronically, you get your pay faster, help protect the environment, and save time and money by eliminating use of check cashing services and trips to the bank or credit union.
Direct Deposit via ACH puts you in control of your finances. Access your money quickly, pay no additional fees to receive your pay, and use digital tools to manage payroll information and keep financial records. Split Deposit lets you direct a fixed amount or percentage of your pay into a savings or investment account each pay period, helping you save “invisibly.” You can control how much or little you save.
In addition to payroll, Direct Deposit can be used to receive:
• Travel and other employee expense reimbursements
• Bonuses and commissions
• Pension/401K disbursements
• Dividend and interest payments
• Social Security and other government payments
• Tax and other refunds
Direct Deposit is a safe choice: Because money is transferred electronically, it passes through fewer hands than a paper check, greatly reducing the number of people who see your personal information.
Direct Deposit is easy to set up. Simply talk to your employer or bank about getting started.
Your employer or bank will provide you with a simple authorization form that authorizes the electronic deposit of funds into your checking or savings accounts for your pay or other recurring deposits. You will be asked to include account details on the authorization form, which can easily be found through your bank’s online banking website or mobile app or on a check.
Remember, your information will be safe and kept confidential. Once your authorization form is complete and finalized, you can begin receiving your pay electronically.