Direct Deposit Trims Your To-Do List

We're a nation on the go. There's work time, fitness time, child time, spouse time, parent time, friend time, and--if you're lucky--some quiet time.

Wouldn't it be nice to worry about one less thing? Try direct deposit.

With direct deposit, you authorize your employer or federal agency, like the Social Security Administration, to deposit your check directly into your Peoples Credit Union account so you can count on access to funds without visiting the credit union. Instead of a check, you receive a paper record of the transaction. Employers, for example, provide an earnings statement on payday showing net deposit and how much was withheld for taxes, company savings plans, or any other withheld amounts.

And direct deposit isn't just for paychecks. If you're receiving Social Security checks, Peoples Credit Union or a local or regional Social Security office easily can switch you to direct deposit.

The Internal Revenue Service also is getting into the act. Direct deposit now delivers tax refunds to accounts of both electronic and nonelectronic tax filers.

No matter where your check's coming from, direct deposit takes the worry out of:

• Stolen or misplaced checks. The Treasury Department reports that more than a million mailed Social Security and government pension checks are lost, stolen, or late every year. And, more than four million paychecks are lost or stolen each year.
  
• Delayed deposits. Your funds are deposited regularly, and on time. You get paid even if you're not at work on payday, or can't make it to Peoples Credit Union during business hours.
  
• Losing potential dividends. With direct deposit you earn dividends on funds as soon as possible. If you have to deposit funds in person, any delay postpones when your money starts making money.
  
• Lost time. One estimate says direct deposit can save up to 24 hours a year otherwise spent going to the credit union to cash or deposit your paychecks.