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No more long lines, wasted lunch hours, or trying to write
up a deposit slip against the steering wheel at a drive-through
ATM.
Direct deposit is simply the process of your employer's bank
communicating directly with your bank, so your paycheck gets
deposited automatically instead of being passed around at
your company until--hopefully--it finally reaches you.
Here's how the process works:
- You authorize the transfer of funds directly into your
bank account(s) by providing your employer with a voided
blank check or deposit slip for your bank account.
- Typically, you may specify how much of your paycheck you
want into each of your accounts.
- The appropriate wages--minus taxes, deductions, 401(k)
salary deferrals, etc.--are automatically deposited into
your bank account(s) each pay period.
- On payday, you'll receive a voucher that confirms the
amount deposited into your account.
Sure, there's a list of advantages here, but what's most notable
is that there are currently no widely recognized disadvantages
to a direct deposit program.
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