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- Payments made by Direct Deposit have never been lost. In fact, you are much more likely to have a problem with a paper check.
- Direct Deposite is more confidential. A check passes through many more hands than an electronic transfer.
- Problems, which are rare, are quickly resolved. By contrast, problems with checks may take much longer to correct, sometimes up to three weeks.
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- By using Direct Deposit, you may save the equivalent of three workdays each year by not having to go to the bank to deposit checks.
- You don't have to be in town for your money to be securely deposited into your acount. No more extra trips to the office to pick up paychecks.
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- Direct Deposit gives many people access to their money one to four days earlier than a check. There is no waiting for a check to clear.
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- With Direct Deposit, you decide which account your pay will be deposited into automatically each payday.
- Direct Deposit gives you control. Financial planners recommend Direct Deposit as one step toward gaining control of your finances.
- Most employers will issue a payment stub that is identical to what you receive with a traditional paycheck. It will show how much was deposited into your account and how much was taken out for taxes, insurance and other items.
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The most popular application of Direct Deposit is for payroll, but it can also be used for many other types of payments, including: Annuities, Bonuses and commissions, Dividend and interest payments, Pensions, Travel expense settlements, or Vendor payments. |
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