What is Direct Deposit?
Direct deposit is a banking option that allows for the transfer of funds without the hassle associated with paper checks. Direct deposit is very common in the United States. In fact, research that over 145 million Americans use direct deposit on a regular basis. Many businesses offer their employees the option of using direct deposit to receive their paychecks. The IRS allows taxpayers to receive refunds via direct deposit. Social Security, unemployment compensation, and other government benefits may also be available with the direct deposit option. There are many advantages to using direct deposit for your banking needs. Direct deposits typically are processed faster than paper checks, allowing you quicker access to your money. If you don’t live near your bank or your schedule makes it difficult to run errands during the day, direct deposit is a convenient alternative to traditional banking. If you are trying to become more disciplined about saving money, you can arrange to have your
The child support program sends an electronic payment to your bank account with the exact amount of the child support payment we received on your behalf. You can then withdraw the money, keep it in your account, or pay bills. With direct deposit your money is available sooner than if you wait for the check to come in the mail or clear at the bank. Best of all, direct deposit protects your payments from being lost or stolen.
