|
In today’s uncertain times, it might be advantageous for
you to consider using direct deposit for payroll and
federal paychecks.
By using direct deposit, you can be assured that your
payments will be automatically transferred to your account
and available for immediate use. You can sign up for
direct deposit through your employer, who will provide you
with the required paperwork.
Your employer will need your Social Security number and
a voided check containing your account number and the
bank’s routing number. The routing number is the first set
of numbers on the bottom of your check. It will take a
couple of weeks before your checks can be directly
deposited, but after the process is in place, you will
receive an earnings statement from your employer detailing
how much was deposited into your account, along with an
itemized list of deductions and taxes that are currently
on your paper check.
For Social Security payments or other federal
paychecks, you can usually handle direct deposit over the
phone by checking with the appropriate federal agency from
which you receive your check. Again, you will need to
provide your checking account number and the bank’s
routing number. While you will receive a letter confirming
the change to direct deposit, you will not receive a
monthly voucher. You will need to check your bank balance
or call your bank to confirm direct deposit of your check.
Some Americans distrust the electronic age and prefer
to receive their checks by mail. But consider the cost
savings to taxpayers by using direct deposit. According to
the latest government figures, it costs
68-cents to process and mail each Social Security check and
the government sends out 13 million checks each month.
 |
By the end of each year, the government spends almost
$100 million
on processing and mailing all of these government checks.
Not only does direct deposit save taxpayers money, it also
could save you money.
Many banks offer
free or low-cost checking accounts for people who use direct deposit
because it saves the bank the cost of processing checks.
This fall,
the federal government will be rolling out a new marketing
campaign to encourage people receiving federal benefits to
enroll in direct deposit. Remember, with direct deposit:
1) You don’t have to worry about lost checks should the
postal service be disrupted due to a terrorism attack or other
catastrophe;
2) Your check is safe in your account, even if the weather
outside is frightful and you can’t get to the bank or you’re
sunning at the beach on vacation;
3) You don’t have to stand watch at your mailbox until
your check arrives, fearful that some thief might steal your
check; and
4) You don’t have to wait in long teller lines at the
bank to do yourself what could be done for you—easily, conveniently
and efficiently.
Use direct
deposit and forget about it!
CONSUMER TIPS is provided as a public
service by the Missouri Independent Bankers Association
AND
Community Bank of the Ozarks
P.O. Box 43
Sunrise Beach, MO 65079
(573) 374-5245
1-800-927-4314
www.cbobanker.com
|
