The Police Credit Union offers the time-saving convenience you want with direct deposit. 

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Even if you’re not among the vast majority of employees in the U.S. who receive their paycheck by direct deposit, you’re likely familiar with it as an automated method of payment that eliminates the need for a physical paper check. Broadly speaking, direct deposit is defined as a deposit of money by a payer directly into one or more of a payee’s financial accounts via electronic transfer. While we often think of direct deposit in the context of payroll, it’s also widely used for transactions such as tax refunds, unemployment benefits, child support, expense reimbursements and more. If you’ve yet to use direct deposit, familiarizing yourself with its major benefits may have you questioning why anyone would ever hesitate to take advantage of this free and secure service:

You’ll get access to your money sooner

With direct deposit, the payer does not issue you a paper check but instead initiates an electronic payment so that funds are automatically transferred to your account(s), generally through the Automated Clearing House (ACH) Network. You won’t have to wait to collect a check, deposit it into your account, and sit tight while it clears. Direct deposited funds are available immediately, and you’ll often get your money well before the time that paper checks are disbursed. When it comes to paychecks, you can typically expect funds to arrive in your account by midnight to six a.m. of your payday (provided that the employer processes payroll on time).

It saves you major time and hassle.

One of most obvious advantages of direct deposit is simply convenience. You won’t need to ensure that you’re physically present to collect your check, or coordinate a time to pick it up if you’re offsite, out sick, or on a personal day. If you work remotely or are accustomed to having your paycheck mailed to you, direct deposit will eliminate concerns about being home to retrieve it (including the impulse to stalk the person who delivers your mail).

Once you set up direct deposit, you won’t need to put any time or effort into getting to a branch or ATM to deposit your check. Even if you’re in the habit of using mobile technology for depositing your paycheck, direct deposit is still a more efficient way to get paid. As Forbes points out in “Your Complete Guide to Direct Deposit,” mobile deposit requires that you wait to receive your check in order to put it into your account, and after you do this, you may need to wait additional days for the check to clear. With direct deposit, neither of these factors apply.

You won’t have to worry about a lost, damaged or stolen check.

There are a multitude of mishaps that can be easily imagined when it comes to dealing with a paper check. It could be lost in the mail or at work, stolen and fraudulently cashed, or accidentally delivered to your neighbor, who opens it before realizing that it’s intended for someone else. Even once it’s in your hand, you could lose track of it over the course of a busy week, or someone at home could inadvertently toss it into the garbage with the junk mail. Direct deposit eliminates all of these concerns. You won’t have to worry about your check falling into the wrong hands, or deal with the discomfort and potential fees in requesting that the payer reissue it.

You can leave town without any concerns about how or when you’ll get paid.

If you’ve ever experienced that sinking feeling that the vacation you’ve scheduled or trip you need to take coincides with a payday, you’ll greatly appreciate how direct deposit solves this problem. Instead of scrimping to cover travel expenses or trying to arrange to have someone pick up and deposit your check, you can enjoy your time away with peace of mind knowing that you can count on the funds to be delivered to your account.

It’s an excellent tool for building your savings.

One of the most effective and painless ways to reach your financial goals is to put an automatic savings strategy in place, and direct deposit makes this process streamlined and simple. Instead of having the entire amount of your paycheck directed to go into your checking account, you could opt to carve out a portion of it to be deposited into a savings account or another savings vehicle, such as a money market account. Alternatively, you could use direct deposit to divide up your paycheck among several different accounts, such as checking, savings, IRA, etc. Whatever way you decide to allocate your funds, you’ll have a built-in system that allows you to pay yourself first on a regular basis.

It can help you better manage your bills.

If you struggle with managing cash flow to cover monthly expenses, direct deposit can provide the security and stability that you need to ensure you make your payments on time. When you know that money will hit your account by an expected date, you can set up automatic bill payments with the assurance that you won’t overdraw your account.

You’ll eliminate paper clutter.

Unless you enjoy storing paperwork, it can be a relief not to have to find a place to accommodate all of your paycheck stubs accumulated over the course of several years. With online banking, you can easily access your important financial data, which is saved digitally.

You may be able to save money in monthly fees.

In some cases, financial institutions will waive monthly maintenance or minimum balance fees if you set up direct deposit. In this way, they both reduce their costs and encourage deposits.

It’s easy to set up, and of course, it’s free!

If you’re still hesitating to make the switch to direct deposit because you think it will involve multiple steps and cumbersome paperwork, you’ll be glad to know that it’s a simple process that’s quick and incredibly easy to do. What’s more, with a Checking Account from The Police Credit Union, you’ll get paid one day early by setting up Direct Deposit. To enroll, you’ll just need to complete a short form, which you can access online.

Our Checking Accounts feature no monthly service charges, overdraft protection, and up to 10 ATM free rebates per month when you use another financial institution’s ATM. Along with dividends earned and paid monthly, you’ll receive a free first box of checks, Visa® debit card and access to Digital Banking Services and our 24/7 automated phone support.

* The Police Credit Union will refund ATM surcharges up to $3.00 per out of network ATM transaction. You must have a TPCU Checking Account in good standing and a Direct Deposit posted to your Checking monthly. ATM Access Only. **Check with your employer for availability.