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¿Porque Usar Depósito Directo?

Why Use Direct Deposit?

by Allison Kane

Signing up for the direct deposit service provided by your credit union is one of the easiest and most intelligent things you can do for the good of your family and your financial situation.

Although not many Hispanics have signed up for direct deposit, either because they have yet to open up an account, or simply because they have not heard of this service, it is worthwhile noting the advantages:

The security of your money.

Many Latinos receive paper checks and are exposed to the risk of carrying all the cash they received upon cashing a check. Thanks to direct deposit and a checking or savings account at your credit union, you will feel a lot safer knowing that your employer will deposit your paycheck directly into your account. Remember that funds deposited in your credit union are safe because they are automatically insured and protected up to an amount of $250,000 by a federal insurance fund.

Free access to your money.

Not having a checking or savings account along with direct deposit, costs you time and money. Without a checking or savings account and without direct deposit, you are not only exposed to the risk of theft, but you will also waste time and money when you take your check to a check casher and pay the normal check-cashing fee of 1%-5% of the face value of the check. Why pay someone to have access to your hard-earned money? With a checking or savings account at your credit union, and by signing up for direct deposit, you will receive an ATM or debit card to access your money for free at ATMs that form part of your credit union's network.

An easy way to save.

The fact that you grant permission to your employer to deposit your check automatically in your checking or savings account, means that your paycheck can start earning interest from the moment the transfer of money takes place. And, as anyone can attest, credit unions have the best interest rates. In addition, you can direct deposit a consistent amount from your paycheck to a savings account. For example, you can fill out a form where you specify that the employer deposit 10% of your paycheck to a savings account and 90% of your paycheck to a checking account. This way, you will make sure to reserve a specific amount each month for your future. The U.S. Treasury Department confirms that people who use direct deposit save up to $90 more per month than those who do not use direct deposit.

Establishing a relationship with your credit union.

Credit unions, just as other financial institutions, seek loyal members or clients, with whom they can form a long-term relationship. Direct deposit is one of the best ways to strengthen your use of the credit union. This way you will demonstrate a constant deposit habit and responsible use of your money. If you utilize direct deposit for saving, this will also demonstrate responsibility. Also, the credit union may view your deposit history as a way to verify your income for purposes of making a loan.

Direct deposit benefits the credit union and your employer because it helps them save money, which means that they provide this service for free to credit union members. Because of these reasons and many others, direct deposit is a popular and advantageous service that you should use as soon as possible. Visit a credit union representative today to learn more and to sign up!

Published 09/04/2015

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Si tiene alguna pregunta sobre su cuenta o una transacción, por favor póngase en contacto con su credit union por teléfono en vez de usar esta forma.

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