News
Go Direct and Save
Five Reasons Why Direct Deposit and Electronic Bill Pay Make Financial
Sense
Taking advantage of direct deposit and electronic bill pay can
save you significant amounts of time and
money.
- 1. Convenience. Save trips to financial institutions to
make deposits or trips to the post office to mail bills,
buy stamps and envelopes.
- 2. A better credit score. If you make a single late payment
for any reason, even if the check was held up
in the mail, the negative effects on your credit score can
stay for up to seven years. Scheduling regular
payments through electronic bill pay will help ensure you
always pay your bills on time. And a better
credit score often translates to better rates on loans.
- 3. Greater savings. Direct deposit will not only save you
gas money, it can help promote savings. You can
divert part of your paycheck into a savings account where
it will earn interest, instead of to your
checking account, where you might more easily spend it.
- 4. Speed. Paying bills online is infinitely faster than
writing individual checks, filling out your checkbook register
and addressing envelopes. Just set up your payment accounts
once. That’s it!
- 5. Peace of mind. When you are on the road for
business or vacation, direct deposit will ensure that
your income is credited to your account. And with
electronic bill pay, you can schedule payments
before you leave, and even make them securely
from anywhere you have Internet access while you
travel.
It’s easy to sign up for direct deposit. Just ask your
employer for an authorization form and fill it out. It’s
even faster to enroll in electronic bill pay, as most credit
unions offer the service as part of their online access
capability.
