Today’s world is digital and automated, and the way people receive paychecks is no different. Direct deposit is a system where your employer deposits a paycheck directly into your bank account, rather than mailing or handing out a paper check. If you do not currently utilize this tool, below are a few reasons to switch.

What Benefits Does Direct Deposit Offer?

1. Receive Payment Faster

With paper checks, you must deposit or cash it before you can use the money. When depositing, you usually must wait for at least one business day for the system to process it. This delay is inconvenient, especially if you work long hours or have an odd schedule that makes it challenging to go to the bank. Setting up direct deposit ensures your money is available on payday, without delay. 

2. Eliminate Risk of Losing the Check

Losing a paper paycheck is a significant inconvenience. Often, your employer can reissue the check, but you must wait for days or weeks before it’s available. However, with direct deposit, your employer will transfer the money directly into your account. With this, there is no risk of losing it or someone stealing the check.

3. Avoid Going to the Bank

Making a run to the bank during a workday is not always easy. Waiting until after work is not an option for most people, as the banks close by that time. You can wait until the weekend, but that could mean you’re without money for a few days. With direct deposit, the money is there in your account when you need it, without having to travel to access it.

Working with a reliable hometown bank can provide useful features, like direct deposit. First & Peoples Bank and Trust Company first opened in 1932 and has served residents in Russell, KY, ever since. Their online banking service is easy for you to access and manage money. Stop by or call (606) 836-0211 to learn how you can open an account. You can learn more about their services online. Along with the Russell location, there are additional branches located in Flatwoods, Greenup, and South Shore.