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Home > Input on pros and cons of Direct Deposit needed, please

Input on pros and cons of Direct Deposit needed, please

January 14th, 2008 at 06:18 pm

I'm considering going with Direct Deposit at work but have very little experience with it. If you have experience with it, good or bad, would you please share that with me?

Chase Bank is offering a $100 bonus for new accounts with DD and I'd like to know your thoughts on that, also. I read the fine print on the mail I got about it but haven't made a decision yet. But between Chase's offer and a few people I know encouraging me to go with DD, I need to decide. It seems that having it deposited and having half of it go straight to savings might be beneficial. That out of sight, out of mind thing!

It's so wonderful to have all you knowledgeable folks on hand.

Thanks for your help! Smile

Posted in Savings, Goals and Objectives | 16 Comments »

16 Responses to “Input on pros and cons of Direct Deposit needed, please”

  1. JanH Says:
    January 14th, 2008 at 06:33 pm 1200335612
    1200335612

    I LOVE direct deposit! We've done it for years. Especially since we go out of town to see the kids or evacuate for hurricanes, etc. The paycheck goes into the account and I don't have to worry about where it went. I talked to one lady whose husband's check was accidently put through the mailslot of a neighbor's house who was still gone from a hurricane evacuation and they didn't know when or if they'd be back. She had to break into their house (after notifying the police) so she could retrieve their mail. They were desperate for their money. I'm sure there are pros and cons for direct deposit, but we've been really satisfied over the years.

  2. nance Says:
    January 14th, 2008 at 06:40 pm 1200336037
    1200336037

    I also love it. Saves a trip to the bank, and also an employer usually makes sure it is in the bank the night before, so it is there, in your account, first thing in the morning. The $100.00 offer would seal the deal for me!

  3. mom-sense Says:
    January 14th, 2008 at 06:55 pm 1200336935
    1200336935


    Direct deposit has made our life a lot easier. I'm with nance about the $100 incentive- I'd do it. I also set up automatic deposits to Vanguard and our HSA account. I am organizationally impaired and paperwork-challenged.

  4. db1974 Says:
    January 14th, 2008 at 07:05 pm 1200337543
    1200337543

    I can't imagine not having direct deposit. I have always had it with absolutely NO PROBLEMS! It's the best thing since sliced bread!

  5. scfr Says:
    January 14th, 2008 at 07:50 pm 1200340251
    1200340251

    My former employer offered direct deposit, and I loved it. It was a well-run large corporation, and they never once failed to deposit my pay when they were supposed to. I travelled a lot on business, and it was so nice to know that my paycheck would hit the bank on payday even if I wasn't in town.

  6. sagegirl Says:
    January 14th, 2008 at 08:06 pm 1200341219
    1200341219

    We have had direct deposit for about 10 years now and I love it. The check is always there--sometimes even the night before. I log into the bank website the morning of payday and the check is there and I transfer my alotted savings money over to the savings account (same bank) and then pay bills. My hubby's check is DD, but mine is not and I usually put mine in on Friday afternoons and don't get credit for it until monday night. Frown

  7. Broken Arrow Says:
    January 14th, 2008 at 08:29 pm 1200342549
    1200342549

    Um, besides having to wait up to 3 weeks for direct deposit to kick in, I can't think of any downsides! Honestly, I love direct deposit.

  8. disneysteve Says:
    January 14th, 2008 at 09:40 pm 1200346855
    1200346855

    I know of no downside to direct deposit. The money hits your account sooner, often the night before payday. You don't have to go to the bank to make the deposit. I don't have it on my job but wish I did. My wife does have it and it is a great convenience.

  9. Ima saver Says:
    January 14th, 2008 at 11:05 pm 1200351903
    1200351903

    I would go for it!

  10. Toyguy1963 Says:
    January 14th, 2008 at 11:05 pm 1200351949
    1200351949

    From everyone I know in person and the responses I've seen on your post, Direct Deposit is supposed to be great. But for me personally I can't see any benefit for the way I do banking. When I take my check to the bank I often dep. the money into different accounts. Also I like to figure out an amount to take out as spending money in cash. Most often its an odd amount like $97 or something like that. If I used direct deposit I'd have to go to an ATM machine anyhow to get my cash. And the ATM only allows me to take out increments of $20. So as great as Diect deposit may be it just doesn't do things the way I like it done.
    I'm sure its great for most people though.

  11. Mr. Meager Says:
    January 14th, 2008 at 11:15 pm 1200352546
    1200352546

    The only cons of direct deposit really is if you have a crush on a particular bank teller, you have to search for other reasons to go to the bank. There really are no negatives for DD but problems that arise are usually attributed to either the banking system, the payroll processor, or the employee's company. If you are confortable with online banking you should be fine with DD. The last major DD diaster involved . With the ACH system there are so many more features that can make other payments to employees so much easier and some companies are starting to incorporate that. Special payments such as bonuses, advances, and reimbursements can now be DD. I find that I love DD the most when I am on a vacation and have access to my next paycheck why out and about.

  12. denisentexas Says:
    January 14th, 2008 at 11:27 pm 1200353228
    1200353228

    Well, that does it, Mr Meager! You found it important enough to tell me repeatedly how you feel so that settles it. Wink
    Actually, I figured it was probably a good move so I'll set it up. I'm not sure if I'll do it with Chase Bank but more than likely will.

    Thanks for the input, all you finance freaks. Smile

  13. Ralph Says:
    January 15th, 2008 at 01:36 am 1200360991
    1200360991

    I can't imagine being without direct deposit!

  14. campfrugal Says:
    January 15th, 2008 at 01:31 pm 1200403889
    1200403889

    Direct Deposit is the way to go. No-one can steal your purse with your check in it.

  15. Mr. Meager Says:
    January 15th, 2008 at 05:20 pm 1200417653
    1200417653

    Sorry, I didn't mean to have multiple post. I was trying to get the link the Bank of America DD Diaster from 2002 to work. FYI did you know that 50% of the working force in America still do not use DD.

  16. MaryAnne Kaycee Says:
    December 14th, 2008 at 03:34 pm 1229268860
    1229268860

    hey I got to tell you DD is great but commenting on 50% of workers still do not have DD it is true esp with places like food services-Mcdonalds, burger king jobs I use to work in food services I know. anyway my mom has 3 jobs none of which offer DD and she works for cleaning companies

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