Direct deposit is a process where someone who is going to be paid on a recurring basis, such as an employee, or a recipient of a government entitlement or benefit program such as social security is sent the payment owed to them into their checking or savings account. The reasons for doing this include:
Instant access to the funds via an ATM or check card.
A check can be lost or stolen anywhere between the sender and the intended payee.
Payments made electronically can be less expensive to the payor, typically electronic payments may cost around 25˘ (US) vs. up to $2 to generate, print and mail a paper check.
Directdeposit of your payroll check means no lost or stolen paper checks, no waiting in line to pick up a payroll check and no special trip to your bank or credit union.
Be familiar with DirectDeposit so you can help employees in your department who have questions.
It is necessary to sign up for payroll directdeposit as well as student account directdeposit.
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