One of the key reasons to working is making money. There are a few different ways you can receive the money you worked for. For example, you can either receive your pay in the form of a check or through direct deposit. While receiving compensation for your work in any form is pretty awesome, I’m still an advocate for direct deposit.
Direct deposit puts your pay directly into your account on payday. This means that instead of receiving a paycheck, your pay goes STRAIGHT into your account. Now, why is this so awesome? There’s not just ONE answer. Let me list ALL of the perks of having direct deposit:
- You can’t lose or have a check stolen from you.
- Once you start receiving your pay through direct deposit, your money will be available to you on payday.
- YOU’RE SAVING PAPER AND HELPING THE ENVIRONMENT!!
- You can divide your pay into various accounts. For example, you could put half into your checking account and then half into your savings account. This is a great way to start building your savings and to create an emergency fund.
As you can tell, direct deposit is pretty awesome. This is why I encourage you to look more into this great way of receiving your money. The first step is to ask your employer whether or not they offer direct deposit. If they do, you’re going to have to fill out a form given to you by your employer and provide bank’s or credit union’s routing number. What’s a routing number? A routing number in a nine digit number used to identify a financial institution in the electronic processing world. This number allows your employer to send your pay to the right place. Most banks and credit unions have their routing numbers up on their websites, including your very own, Michigan First Credit Union.
When you do set up direct deposit, it may take a few pay periods for it to kick in, so make sure to keep an eye on your account. Some employers will still offer you a pay statement, which state how much money should have been deposited into your account. To learn more about Michigan First Credit Union’s direct deposit or to get the routing number, click here.
Until next time,