Direct Deposit means that the money you are receiving is being transferred electronically from the payor to your account at your financial institution. This is fast becoming the mode of payment rather than waiting for “the check is in the mail.” You may be wondering what the incentive is and what is so great about direct deposit. There are many outstanding features of direct deposit that may interest you and entice you into employing this mode of payment. I would like to briefly highlight three of the main advantages:
Your money never touches human hands until you decide to draw it out from your checking or savings account. You no longer have to depend on or wait for the mail, the payroll clerk, Uncle Sam or a customer.
You do not have to worry about your check being stolen, lost or misplaced. Your money is available to you immediately on your payroll date, social security date, or other specified time. Three of the main advantages of direct deposit are it’s safe, it’s quick and it’s convenient.
If you are too busy to go to the bank, too sick to go to town or on the road traveling, your money is still deposited in your account. “Just like clockwork.” According to the Direct Deposit and Direct Payment Coalition employees paid by paper checks spent the equivalent of three workdays a year going to the bank and waiting in line to deposit their checks. As much sense as direct deposit makes, the choice is always yours! What is important to remember is that Wisconsin River Bank accepts direct deposits and is more than willing to assist you in setting up a direct deposit from your employer, retirement account, social security, etc. The thing to do is to take some time and decide if direct deposit will be a benefit to you.