moonman
 |
Not really. The money goes straight into your account, so you don't have to worry about getting to the bank to deposit it or cash it. This also allows you to set up automatic payments and transfers and not have to worry about the money being there in time, since it is done automatically, even if you are out of town.
If you want cash, you can always get it from the ATM when it is convenient or stop by a branch if you need other amounts.
You also won't have to worry about paychecks bouncing when you cash them (if your company is small or you have had problems with this). Banks also consider direct deposit a major strength when evaluating you account relationship with them when making decisions (such as deciding whether or not they need to hold funds when depositing a large check).
As far as cons, I really can't think of any right now. |
|
Jerry
 |
I do it and there are no flaws that i can think of.....actually alot of benefits to using direct deposit. |
|
Randy Z
 |
its much better than getting a hard copy pay check. with direct deposit, you dont have to worry about picking up the check if you arnt at work and taking it to the bank. In some cases, your check will show up in your bank account even a day before payday. It removes all hassles and worries unless you are "scared of the evils of technology" |
|
laduron7
|
I've been getting paid direct deposit for almost ten years now in various jobs. I really don't see any downside. You get the money in your account sooner and you don't have to deal with an ATM or a deposit slip or anything like that. Some banks will also waive account fees if you have an account that uses direct deposit. |
|
Rick B
|
I don't know of any cons.
Your money goes in the night before payday. Yo udon't lose your check. It is cheaper for your employer, etc. |
|
myspace.com/mina74
|
The pros include the funds being deposited at midnight, in case you are out late at night and need to get to an ATM or make a purchase. It also saves you a trip to the bank and standing in line. Some banks also charge fees just for doing a basic transaction with a teller. You may also avoid checks from bouncing since the funds will be deposited at midnight.
The only con that I can think of is, different jobs have different deposit days which you may have to keep track of?
I sometimes do go to my bank and just deposit all of my loose change and get my most recent balance, something that you can't do with direct deposit. |
|
Helen Scott
|
When you sign to allow your employer to be able to deposit funds, you're also signing that they can remove funds (like...if they overpaid you). I had direct deposit once, and the employer over paid me, so they went in to take it out, but "accidentally" took out double what they should have....and it was a big fiasco to get it back.
But it didn't spoil me...I still do Direct Deposit. |
|
utahbeekeeper
|
Hi have done direct for 20+ years with only good to report. Had an ex who had to have the tactile reward of handling the check, but she misplaced a couple of them. Other than that, can think of no negative side. In fact, the local government I work for will ONLY direct deposit . . . no choice. |
|
chicken2008
|
Pros: You usually have your money in your account around 12 midnight the day of your payday.
You don't have to go into the bank to cash your check.
Nobody knows how much you make.
Your money is safe.
I cant think of any flaws. Direct deposit is the best thing for a paycheck. |
|
Brandy M
|
There are no cons besides it might take one pay period before it takes starts. Besides that I LOVE it. You have your money the night before usually 12. YOu don't have to worry about trying to make it to the bank so your deposit will take affect. (If you get paid on a Friday like I do). Go for it, you can always change your mind. |
|
mdbaker3rd
 |
direct deposit is the best. I have never had any problems for the past 9 yrs.
I would like to comment for those that said that their job took the money out. Hire a lawyer. They can not take money out of your account this is a DIRECT DEPOSIT. If your bank allows them to do this then they are in trouble also. No one is allowed to take money out of your account unless you authorize it by giving them your routing number. The only way a company can get their money back if they over paying you is by deducting it from your next pay. |
|
Briana L
 |
i know that if you get direct deposit they also have the right to the money they deposited in right back out. say the company goes into bankruptcy and decides they cant pay you they can take that money back out and just say they made a clerical error. my suggestion is to make a seperate bank account and just only use it for direct deposit and the next day just withdraw the funds and put them some where else. |
|
| |
|
Homepage 
Financial
Forum 
Personal Finance 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
