Upcoming Events
Consumer Tips
Local Schools
Effective June 15, 2008, Overdraft (each debit or check paid) and Nonsufficient funds (NSF) item (each) fees will be $25.00 per item.
Use Direct Deposit and Forget About It
In today’s uncertain terms, it might be advantageous for you to consider using direct deposit for payroll and federal paychecks.
By using direct deposit, you can be assured that your payments will be automatically transferred to your account and available for immediate use. You can sign up for direct deposit through your employer, who will provide you with the required paperwork. Your employer will need your Social Security number and a voided check containing your account number and the bank’s routing number. The routing number is the first set of numbers on the bottom of your check. It will take a couple of weeks before your checks can be directly deposited, but after the process is in place, you will receiving an earnings statement from your employer detailing how much was deposited into your account, along with an itemized list of deductions and taxes that are currently on your paper check.
For Social Security payments or other federal paychecks, you can usually handle direct deposit over the phone by checking with the appropriate federal agency from which you receive you check. Again, you will need to provide your checking account number and the bank’s routing number. While you will receive a letter confirming the change to direct deposit, you will not receive a monthly voucher. You will need to check your bank balance or call your bank to confirm direct deposit of your check.
Some Americans distrust the electronic age and prefer to receive their checks by mail. But consider the cost savings to taxpayers by using direct deposit. According to the latest government figures, it costs 68 cents to process and mail each Social Security check and the government sends out 13 million checks each month. By the end of each year, the government spends almost $100 million on processing and mailing all of these government checks.
Not only does direct deposit save taxpayers money, it also could save you money. Many banks offer free or low-cost checking accounts for people who use direct deposit because it saves the bank the cost of processing checks.
This fall, the federal government will be rolling out a new marketing campaign to encourage people receiving federal benefits to enroll in direct deposit. Remember, with direct deposit:
- You don’t have to worry about lost checks should the postal service be disrupted due to a terrorism attach or other catastrophe;
- Your check is safe in your account, even if the weather outside is frightful and you can’t get to the bank or you’re sunning at the beach on vacation;
- You don’t have to stand watch at your mailbox until your check arrives, fearful that some thief might steal your check; and
- You don’t have to wait in long teller lines at the bank to do yourself what could be done for you—easily, conveniently and efficiently.
Use direct deposit and forget about it!
CONSUMER TIPS is provided as a public service by the Missouri Independent Bankers Association.
| Adrian R-III |
| Archie R-V |
| Ballard R-II |
| Butler R-V |
| Drexel R-IV |
| Miami R-I |
| Rich Hill R-IV |
