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Key takeaways
- Setting up direct deposit is simple. You will need your bank account number, routing number, and possibly a voided check.
- One advantage of direct deposit is you can split your paycheck between your checking and savings accounts making it easier to save money.
- It may take one or two pay cycles for the direct deposit to be fully implemented, so keep an eye on your account to confirm everything is proceeding smoothly.
You’ve likely heard the term direct deposit. It’s the free electronic transfer that sends your paycheck, tax refund, or government benefits right into your bank account. With it, you don’t have to take trips to the bank or photos of your check to deposit it via a mobile app. Instead, you get paid earlier and it’s more secure than getting a paper check in the mail. The question is, how do you set up direct deposit? It’s actually very easy to do. Below we’ll walk you through the five steps to set up direct deposit so you can get your pay easier and faster than before.
1. Get a Direct Deposit Form from Your Employer
To set up direct deposit you’ll first need to get a form from your employer. Most companies prefer direct deposits and will give you the form when you start. If not, go to the human resources or payroll department to get the form you need. In cases where your employer doesn’t have a form, you can easily get one from your bank.
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2. Fill in Your Bank Account Information
Once you have the form, you’ll need to provide your bank information to get paid. This typically includes your bank’s name and mailing address, the type of account, your account number, and your bank routing number. Additionally, some forms may request your Social Security Number or mailing address.
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3. Decide How Much You Want to Be Deposited Where
One benefit of direct deposit is the ability to split it between multiple accounts, such as savings and checking accounts. For instance, you might choose to send 90% of your paycheck to your checking account for monthly expenses and direct 10% into your savings account. It makes it easier to save since you never see the money so won’t be tempted to spend it.
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4. Attach a Voided Check or Deposit Slip
Many employers request a voided check or deposit slip to verify your bank account and routing numbers. To void a check, simply write “VOID” in large letters across the front of a blank check from the account you’re linking, and then attach it to your direct deposit form. This step ensures the check is unusable if lost or stolen. If you don’t have checks, a deposit slip with your account information can also work. You can usually find one of these at the back of your checkbook or request one from your bank.
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5. Submit the Form
After filling out the form and attaching the voided check, return it to your HR or payroll department. They will process the information and set up your direct deposit. It might take a week or two to become effective. Regularly monitor your bank account and reach out to your employer if you encounter any problems.
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Final Thoughts
Setting up direct deposit is straightforward and brings numerous benefits, including convenience, security, and faster access to your money. Depending on your bank, you may even be able to get paid up to two days early! By following the steps outlined above you too can enjoy the ease and efficiency of electronic payments. It’s important to always double-check your details and ensure accuracy for a smooth transition to direct deposit.
