If you aren’t already enjoying the benefits of direct deposit, then we’re about to rock your financial world. Seriously, what are you waiting for? Direct deposit offers you the chance to do away with paper checks, potentially access your money days earlier, and (depending on who you bank with) waive those pesky monthly maintenance fees.
Not sure how to set up direct deposit or why it’s even worth it in the first place? Check out our guide below.
What is Direct Deposit?
Okay, let’s start with the basics. What is direct deposit, and how does it work? Direct deposit is the act of sending your paychecks digitally to your bank account rather than receiving a physical check that you have to wait to process or cash. For years now, businesses have been using this to streamline the payroll process and benefit their employees. However, it’s also an easy way to make payments; you’re able to set up ACH direct deposits to pay bills such as your student loans.
What About Early Direct Deposit?
Yes, with direct deposits, it’s possible to get your paycheck up to two days earlier (depending on who you bank with). How is that possible? Well, if you bank with a non-traditional or online bank (or have a Cheese Debit Card), they don’t hold the check for processing. Unlike traditional banks, online banks and other similar entities have no reason to “float” your cash to earn double interset for a day or two.
At Cheese, we never float your cash. With our debit card, you can not only enjoy $0 in fees and super savings (like 10% cashback at your favorite stores), but you can also set up direct deposit straight to your account, and we’ll give you access to your money up to two days earlier than at a traditional bank. Plus, you’ll still get to reap the benefits of all our great other perks.
Why Switch to Direct Deposit?
The real question here is, why haven’t you already switched to direct deposit? The benefits are numerous, and since it should always be free for you to set up, there’s no reason not to. Some of the benefits of direct deposit include...
You Receive Your Money Faster
If your employer pays you via a paper check, then you have to wait for that check to clear before you’re able to withdrawal the money. How long does a direct deposit take? It’s immediate. Once your employer’s payroll department releases the money, it nearly immediately shows up in your account to use.
Direct Deposits Are Free
There’s no cost associated with setting up a direct deposit with your bank. Chase direct deposit and Bank of America direct deposit, for example, are both free if you have a checking account with each bank. You simply request the form, and it comes pre-filled with your account information.
Direct Deposits Make Paying Bills Easier
Since direct deposits hit your account immediately, you’re more easily able to pay your bills on time or even schedule automatic bill payments. And automated payments are one of the easiest ways to improve your financial health over time.
You Save on Monthly Bank Fees
This is perhaps one of the biggest benefits of direct deposit! Most banks charge monthly maintenance fees between $12 and $25. However, nearly every single bank will waive that maintenance fee if you meet a few requirements. One of the most common and widely used ways of waiving a bank’s monthly fee is to set up a qualifying direct deposit.
Direct Deposit is Easy to Set Up!
There’s really no reason not to set up a direct deposit simply because they’re so easy to set up. If you already have an open checking account, simply contact your bank and ask them for the direct deposit form. Let’s see how it’s done with Cheese...
How to Set Up Direct Deposit in Just 1 Min with Cheese
Setting up direct deposit with your Cheese Debit Card is so easy you’ll wonder why you never did it before. There are two ways that you can set up a direct deposit with us:
1. Provide your account details, including your routing and account number to your employer or payroll provider.
You can easily find the information in Move Money>Direct Deposit.
2. Request a form from us and give it to your employer/payroll provider.
Click the "Get a Form" button in app, and the form will be emailed to your verified email address righter away.
Really, it’s that easy. And, when you sign up for direct deposit, you’ll also get to enjoy these other perks:
❌ No Monthly Fee 🧀️ $5 cash bonus
❌ No ATM Fee 🧀️ Up to 10% cashback with every purchase/transaction
❌ No Overdraft Fee 🧀️ Potential Double Cheese Cashback
❌ No Insufficient Fund Fee 🧀️ Up to 3% Saving Bonus
❌ No Minimum Balance Requirement 🧀️ Early Paycheck
Ready to take control of your financial life? Sign up today for your Cheese Debit Card.
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