Five Reasons You Should Consider Direct Deposit

May 30, 2012

By Katie Bryan, America Saves communications manager

Set a Goal. Make a Plan. Save Automatically. It’s the plan you need to save for whatever saving goal you have. But how do you save automatically? One of the ways to save automatically is to save a portion of your paycheck through direct deposit. Many employers allow you to automatically deposit your paycheck into different accounts. Visit your HR office to fill out the form to split your direct deposit into different accounts. Saving automatically makes it easier to save because your money is saved with each paycheck – you don’t have to think about how much to save or take any additional steps. Here are five more reasons you should consider setting up direct deposit today:

  1. Safety: You do not need to worry about theft or losing your check as it will be deposited directly in your bank account.
  2. Avoiding Spending: Many find that they are less likely to spend their money on unnecessary purchases if it has already been deposited at the bank.
  3. Avoiding fees: Using direct deposit is generally free. Depositing your funds in your bank account can save you money on check cashing fees!
  4. Convenience: Everyone is busy right? Using direct deposit will save you a trip to the bank!
  5. Get Your Money Faster: You don't have to wait until your check clears.

More Articles on Saving:

Make Saving Automatic
Set a Goal. Make a Plan. Save Automatically.
True Story: Save Automatically. Win Rewards!
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Tip of the Day

  • Written by Administrator2 | January 13, 2014

    Never purchase expensive items on impulse. Think over each expensive purchase for at least 24 hours. Acting on this principle will mean you have far fewer regrets about impulse purchases, and far more money for emergency savings. http://ow.ly/sj972

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