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 Hopewell Federal 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, you can easily switch those to direct deposit as well.

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

Direct Deposit Offers Financial Convenience

Payday is great—but finding time to deposit your paycheck? Not so great.

Fortunately, there’s a convenient, secure solution that can help you save time and gain access to your funds more quickly. Say hello to Hopewell Federal Credit Union direct deposit feature.

Here’s why you should make the switch:

* Convenience. According to NACHA, The Electronic Payments Association, Herndon, Va., you can save three work days a year by not spending time depositing checks in person.

* Security. Direct deposit eliminates risk of fraud and identity theft and assures safety with no loss of convenience.

* Timeliness. With direct deposit, your money is consistently deposited on time, even if you’re not at work on payday.

* Accessibility. Direct deposited funds clear automatically.

* Earnings. With direct deposit, your check earns dividends as soon as possible if it’s deposited into an interest-bearing account.

Direct deposit also can help you save more. According to the results of a NACHA survey, people who use direct deposit save $390 a month, $90 more than those saving manually.

Pairing direct deposit with automated transfers from checking to savings can help you make real savings progress. In a survey conducted by the Consumer Federation of America, Washington, D.C., 75% of respondents ranked automatic transfers from checking to savings or investments as an important savings strategy; 48% ranked automatic transfers as very important.

It’s simple to switch to direct deposit: Hopewell Federal Credit Union easily can help you set it up. Ask for our nine-digit routing and transit number before you request direct deposit from anyone issuing checks to you regularly. Next, fill out an authorization form from your employer, or other check issuer, to have your funds deposited directly into your account.

Contact Hopewell Federal Credit Union at 740.522.8311 about making the move to direct deposit today.

Streamline Your Finances—Automatically

Putting your money on auto-pilot saves time, money, and the environment. Step one is to find out if your employer offers direct deposit; most do. Signing up is usually as simple as taking a voided check to your human resources department. You’ll see your first paycheck appear automatically in your Hopewell Federal Credit Union account within a few weeks.

Step two is to set up electronic payments. There are a few ways to do this, and you can use them all:

* Authorize a biller to take money directly from your checking account. These ACH payments can take a bit of effort to stop, so use them for regular, uniform payments that will continue for a long time—mortgage payments are a no-brainer.

* Pay bills online using a credit card. Paying with your credit card is ideal for bills that only pop up twice a year—like car insurance. It’s also a good option for bills that change in amount, such as your cellphone bill. Be sure to pay off the card balance each month to minimize interest charges.

* Use Hopewell Federal’s online bill pay service to pay bills by electronic transfer to a vendor or service provider. Or, if the merchant isn’t set up to accept these, the credit union will issue a paper check debiting your account. You can set up payments 24/7, adjust payment dates to jibe with your paydays, and make optional extra payments when you can—say to your credit card.

With these three automated options, you can pay every bill you have.

Don’t overlook automating routine savings, too. Set up automated transfers from checking to your credit union savings account(s), and you’ll always be financially ready for an unexpected car repair and for infrequent but larger bills like insurance premiums.

Streamlining your finances with online tools is about more than just saving time. By helping you to avoid late fees and overdraft fees, automatic services save you money. To make sure you’re never penalized for overdrawing your checking account, for example, set up an overdraft protection savings account or line of credit at Hopewell Federal Credit Union.

Once you’ve automated your finances, use our website to track your accounts and transfer money between them. Check accounts frequently to make sure your automated system is working smoothly, and to monitor for attempted fraud or ID theft.

Eliminate Overdrafts: Set Up Automatic Transfer From Savings

Even if you have pristine financial habits, cash-flow timing issues can happen to anyone. To avoid overdraft fees, consider linking your Hopewell Federal Credit Union checking account to your savings account. This way if you don’t have enough funds in your checking account to cover a transaction, the money will transfer directly from your savings and you’ll avoid nonsufficient fund fees.

Be careful, though. These transfers can help you in a bind, but if you get in the habit of relying on too many automatic transfers, you’ll soon run out of funds in both accounts.

The best way to stay on top of your finances and prevent being overdrawn in the first place is to be aware of what you’re spending—every day. If you frequently use your debit card, stay in balance by frequently using Hopewell Federal Credit Union’s online or mobile banking features to monitor balances. Eliminate missed deposits by setting up an old standby—direct deposit.

For help setting up automatic transfers, contact a member service rep today at Hopewell Federal Credit Union.