Millions
of Americans already know the many benefits of Direct Deposit.
You should too!
Government
studies show that Direct Deposit of checks and benefit payments
is every bit as safe and reliable as traditional deposit
methods. The Social Security Administration has used Direct
Deposit for benefit payments since 1976 and has never
lost a payment.
Direct Deposit
is...
-
Quick:
Your money is electronically transferred into
your account and available to use instantly once
the transfer is complete...there's no need for
special trips to your bank to deposit a check.
With direct deposit, your money is ready to
use on the day of transfer.
-
Reliable:
Direct deposit puts money in your account on
time, every time. There's no "check-hold"
delay; nothing to get lost. If you move, you will
not have to wait for your check to catch up with
you. You can rest assured that your money will
always be in your account on the day of transfer.
-
Convenient:
There's no need to arrange for a special deposit
or trip to the bank--a real convenience when you
are away for home on vacation or business. Your
funds are credited to your account, safe and ready
to use, whether you're are at home or halfway
around the world.
- Secure:
Worries about lost, stolen or misplaced checks are
a thing of the past with Direct Deposit. With the
electronic trail that direct deposit leaves, payments
are easier to track than paper checks.
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FAQS About
Direct Deposit
Here
are answers to some Frequently Asked Questions
(FAQS) about Direct Deposit.
What
types of payments can be made by direct deposit?
Any ongoing, regular payment is eligible, including:
|
- Payroll
- Benefit
checks from the Federal government
- Benefit
checks from state governments
- Pension
payments
- Investment
income payments
- Tax
refunds
|
How
is my money deposited into my account?
The payor (your employer, for example) wires to your bank account the
correct amount on a predetermined date. Your bank then deposits this
money into your account on the specified date.
When
is my money available?
The morning of the payment date. Your money is often deposited in your
account before the bank opens!
Can
I stop using Direct Deposit if I change my mind?
Yes. Simply instruct the payor (e.g., your employer)
to discontinue the service.
Is
Direct Deposit covered by Federal Insurance?
Checking and savings accounts are insured by the Federal Deposit Insurance
Corporation (FDIC), with coverage up to $100,000 per person per account.
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IRS Direct
A Direct Deposit from the IRS and Your Bank
Millions
of taxpayers are having their tax refunds transmitted directly
to their bank account. According to the Internal Revenue
Service (IRS), Direct Deposit enables the IRS to deposit
your refund up to 3 weeks earlier than if you were to reveive
it by mail. Since the money is recorded in your account
immediately, you can put your tax refund to work right away.
To choose
this service, simply include your bank informaton directly
on your 1040 tax form in the section labeled "Refund."
Your
banker can give you all the information you need to take
advantage of IRS Direct. Call Today. |
