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Direct Deposit Versus Paper Checks - 10 Major Advantages

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  • Direct Deposit Versus Paper Checks - 10 Major Advantages

    More than half of employees (over 70%) have converted to Direct Deposit as their preferred method of payment. As more people come to the realization that this method is simply safer and more convenient, these numbers continue to rise - rapidly.

    Let's review ten reasons why Direct Deposit is rapidly ripping paper checks to shreds:

    1. Direct Deposit Saves You Time
    • Funds are conveniently deposited in your account electronically - saving you trips to the bank and helping you avoid long lines at tellers or ATMs.
    • No more waiting for checks to clear... Funds clear instantly!

    2. Your Money is Safer and More Secure
    • You'll never have to worry about lost or stolen checks and can avoid the risk of carrying cash.
    • Direct Deposit is more confidential. Since deposits are transferred electronically it passes through fewer hands than a paper check. This helps protect you from becoming a victim of identity theft.

    3. It's Wiser
    • You can access your money earlier - No more waiting for checks to clear. (Usually at the strike of 12:01a.m. on payday funds are available for use).
    • Puts you in complete control of your finances... You can automatically divide your funds amongst different accounts with ease.
    • You're always a step ahead! - Employers will issue you a paper stub, in advance, so that you'll already know the amount of your direct deposit before it hits (including taxes, insurance, and any other deductions).
    • Financial planners recommend Direct Deposit as a proactive step toward gaining control of your finances.

    4. It's Simpler
    • Once you sign-up for DD you don't have to worry about it anymore. Your money is deposited on time, every time... regardless of where you are. Try that with paper checks.

    5. Saves You Money
    • Avoid check cashing fees
    • Save gas money from traveling back and forth to the bank or check-cashing store.
    • Avoid bounced check fees because you can always rely on your funds being cleared and in your account in a timely manner.
    • Helps you to better manage and budget your money to avoid OVERspending.

    6. Quicker Tax Refund
    • You'll get your tax refund back MUCH quicker with Direct Deposit as opposed to waiting weeks for a paper check.

    7. More Flexible
    • Can be used for not only payroll, but benefits payments as well i.e. social security payments, SSI, etc...

    8. Debt Control
    • The less money you handle, the less you'll spend. Direct check deposit actually helps prevent you from OVERspending and gives you ease of discipline over your finances. When you cash a paper check you are much more likely to be tempted to "impulse spend".

    9. Preferred by Employers
    • Makes you more attractive to employers because it saves them the expense and hassle of having to print payroll checks
    • Most employers view Direct Deposit as a sign of you being current or "up-to date". These days they expect you to be in the NOW i.e. computer literate, e-mail equipped, direct deposit, etc...
    • The workforce is rapidly converting to Direct Deposit. Studies show that over 80% of large companies offer electronic deposit, as it has become a staple in today's employee benefits packages

    10. Overall Peace-of-Mind and Convenience
    • The chance of having problems with a check is 20 Times Higher than with direct deposit. And you don't need that headache. Let's face these days and times everyone's schedule is hectic. Business matters...Family matters...Work-related issues...and the list just never ends! Having your funds direct deposited will give you Peace of Mind - It's just one less thing you have to worry about because it's totally independent. It takes care of itself as your reliable servant -regardless- of whether you're at work, out sick, on vacation, or on the other side of the World!

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