Direct Deposit/Payroll Deduction
A growing number of employers offer direct deposit, in which your regular paycheck is electronically — and immediately — deposited into the bank account of your choice. It is certainly a convenient way of getting paid. The bottom line? If your company offers direct deposit, you should sign up for it. Starting a direct deposit is as easy as contacting your payroll department. Typically the only information they need is your credit union account number and the routing and transit number of #313085039.
If your company requires something from the credit union, please complete the Direct Deposit Letter and forward to your payroll company.
The Benefits
What makes direct deposit so attractive? Your money will be immediately available to you on payday. You will not have to wait until the end of the workday to deposit a paper check yourself.
This can be significant if, like many consumers, you pay some or all of your bills through automatic withdrawals from your checking account. If you rely on direct deposit, your money will always get to your checking account on time. This lowers the risk of accidental overdrafts.
With direct deposit, your money will show up in your account even if you are sick on payday or on vacation when your human-resources department passes out your paycheck. With a paper check, you'd have to wait until you return to the office to deposit your money. With direct deposit, there is no delay; your money will be there for you.
Splitting Accounts
Direct deposit can also help you build up your savings. You can tell your employer to split your paycheck — in whatever manner you decide — between different accounts. You could, for example, automatically deposit 80 percent of your paycheck to your checking account and 20 percent to your savings account. Doing this allows you to build up your savings steadily without putting too much thought into it. That is key; it is easier to save money when it is automatically taken out of your check each pay period.
Typically your employer will even allow you to split your check between different financial institutions allowing you distribute your paycheck where you need the money. An example of this is if you have your checking account with another financial institution, you could still send a portion of your check each payday to UECU for loan payments. Your loans could be setup up and synched with your payroll so that each time your payroll is posted your loan payment is made. This prevents late payments and allows you to pay less interest because you are paying each payday instead of monthly.
Payroll Allocations
When you authorize your employer to send a specified amount to your savings each payday, the credit union can then distributed the money automatically according to your wishes. We can setup money to go to kid’s account, pay loan payments, deposit funds to an IRA or even a deposit to an alternate savings account within the credit union. These distributions can be changed at any time just by calling the credit union.
If you have not yet signed up for direct deposit, now is the time to do so. Electronic deposits, after all, can save you both time and money, and that is a benefit worth taking. Here is a recap of some of the benefits:
Direct deposit authorization of your paycheck, retirement, or Social Security check allows your money to be sent directly to the account you designate, with no delays and no lost interest
Payroll deduction allows you to automatically make deposits to your savings, IRA or loan account. This means your savings are assured to grow and loan payments are made on time
Direct deposit and payroll deductions are FREE services to all members
Worry free: Your paycheck can not be misplaced, lost, or stolen
Hassle free: Your money can get to United Energy Credit Union faster than you can
Direct deposit is posted 4 times a day with the first deposit at 6:00 a.m. making your funds available earlier
Saves time: No long teller or drive-thru lines to wait in during the mad rush to deposit your check
Reliable: Your money is deposited the morning of every payday, even if you are sick or on vacation
Your money can begin earning interest at the start of business on payday
Your paychecks can be electronically credited to your UECU savings and /or checking accounts
Once the funds are posted to your account, distributions can be setup to move funds where you want them
