Direct Deposit – Checking Account

Payday loan services can help save time and expense when budgeting, as not having the money you need, when you need it can often cause a backlog of expenses or racking up hefty interest rates by getting the money elsewhere. If you are someone who would benefit from payday loan services, then you will also benefit from setting up your checking account to receive direct deposit, as this often makes receiving payday advances much easier.

At PaydayLoansCashAdvance, we do our best to match you with an appropriate lender for your payday loan using our large network of reliable lending services. As many of these regularly use direct deposit, you don’t want to be denied a loan or have to wait longer than you otherwise would simply because you haven’t yet set up this easy process.

How Does It Work?

Direct deposit is a simple matter of asking your employer or employers to deposit paychecks directly into your account rather than handing you or mailing you a paper copy on payday. By giving them a voided check, you tell them which bank account to deposit your money into every payday.

Some employers will accept the routing number (the first set of numbers found on the bottom left of your checks) and account number (the second set of numbers, to the right of the routing number) instead of a check. Likely they will also need your social security number in either case. Talk to them to see what works.

If you instead wish to set up direct deposit for federal funds – for instance, checks from the Social Security Administration, Veterans Administration, or disability payments – you will need to set that up over the phone with the federal agency responsible for your payments, or else do it at the federal building closest to you. After you set up the service, you should receive confirmation by mail of your change in payment method.

What Are the Benefits of Direct Deposit to Your Checking Account?

First and foremost, direct deposit is easy. Where instead you might have stood in line at the bank several times a month or at least had to make a trip to the ATM, you can now just wait for the money to appear in your bank account. There is no wondering involved, either, as your employer must still issue you a voucher showing the amount to be deposited along with all the information that was previously on your paystub: gross amount, net amount, withholdings and so on. Now you simply receive notice of how much you made when it appears in your account.

Direct deposit is also safe. Where before a check stood a chance of getting lost in the mail or even in your wallet or purse, now there is no such danger. The money goes straight from an employer’s account into yours, and the electronic transfer ensures that no loss can occur by theft or accident.

If you wish, you can also control how much goes into various bank accounts. If you have more than one account that you need to keep funded, that is something you can tell your employer or federal service at the time of setting up the direct deposit. Simply indicate how much of each paycheck you want to go to which account (for instance, $100 or 10 percent), and specify that other amounts go to other accounts or the remainder goes to a second account, or whatever system works best for you. It is very flexible, and again saves time-consuming trips to the bank to accomplish the same task.

You also don’t have to be in town in order to receive the money to your account. Where before being out of town meant waiting on receiving payday money, you can now stay at home sick or be on vacation and still expect your check to appear within your bank account on the day it is supposed to. Need to write a check out of town? No problem. As long as you wait for the money to get deposited, you’ll be able to write checks on that new amount the very same day.

Lastly, setting up your checks to be directly deposited means you are eligible for a wider array of cash advance services like those offered here at PaydayLoansCashAdvance. Don’t let your requests for a cash advance be adversely affected by not setting up this simple system.

What Are the Direct Deposit Safeguards?

Sometimes people worry about giving someone else access to their bank account, but you shouldn’t be concerned. There are many safeguards built in to direct deposit that ensure that your employer’s (or the federal government’s) access to your bank account is only one way: they can put money in, but not take it out. The only exception is if you are subject to garnished wages or if you share the account with another person, in which case directly depositing your checks puts that money at their disposal.

How to Get Started

First talk to your employer and make sure that they do offer a direct deposit service. Almost all of them will, since it makes their payday operations easier by saving on paper and mailing materials and turning payment into an electronic operation. If they do offer it, you need to bring them the routing and account numbers of your bank account (most likely on a voided check).

They will then set up your paycheck for direct deposit. It may take one or two payment periods for the direct deposit to kick in, but as soon as it does, your employer will give you a voucher of the amount in your bank account and the funds should be available the same day the voucher is issued. If you have online banking, you will be able to log into your account and see the money that same day, so get started on direct deposit now.

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