Benefits of Setting up Early Direct Deposit
Setting up an early direct deposit is a perfect way to ensure your money is in your account on payday.
However, there are other benefits to setting up an early direct deposit too! In this article, they’ll go over some of the most important reasons why you should set up an early direct deposit with them and what it means for you.
Get paid early
When you set up an early direct deposit, your paycheck will be electronically deposited into your bank account on the day it’s issued.
This means that instead of waiting until payday to get paid, you’ll have access to your money immediately. It is one of the simplest ways to get paid 2 days early.
You can use this time to do whatever you need to pay bills or manage your finances. Access to more of your income as soon as it comes in is also an advantage when it comes to tax season.
No more waiting for the check-in mail
One of the biggest benefits of setting up an early direct deposit is that you get paid faster. You no longer have to wait for a check in the mail or go to the bank to deposit it, and there are no more checks to write. It’s all done electronically!
On top of this benefit, setting up early direct deposit can also help prevent lost or stolen checks. If an employer has several employees with direct deposits set up, they’ll be able to pay all their employees at once without having any physical checks floating around.
As per SoFi professionals, “Once the money reaches your account, you can start paying bills earlier, investing earlier, saving earlier, etc.”
Avoid unnecessary fees
One of the most important benefits of setting up early direct deposit is avoiding unnecessary fees. If you need more amount in your account to cover the cost of a check, it will be returned to the bank and charged as an NSF fee.
In addition to that charge, several other ways cashing checks can cost you money. If you cash a check at a bank, they’ll charge you a fee for each transaction as well as a separate fee for cashing it (if they offer this service).
If you cash it at an ATM or with another bank’s teller window, those may also charge additional fees depending on how much money was withdrawn from your account by using those services.
Even if all those transactions go smoothly and result in no additional charges for overdrafts or insufficient funds on other accounts during this process—which is unlikely—it’s still better to avoid them altogether!
It’s convenient – less paper and less hassle
Direct deposit is convenient. You don’t have to wait for your money, and you don’t need to go anywhere, so there’s no need to worry about a check being lost in the mail or stolen.
It’s also a lot more environmentally friendly than paper checks since they take up more space than electronic transfers do.
Setting up an early direct deposit is vital to avoid any problems with your taxes. Hopefully, this article has been helpful as it gives you some tips on setting up an early direct deposit and they hope that you’ll be able to use it next year when filing your taxes!
