Direct Deposit

Posted On: 2006-01-04
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Hey everybody, welcome back to your Debt Podcast, my name is Jay Fleischman and thanks for staying subscribed on this today, Wednesday, January 4, 2006. 2006 still isn't rolling off my tongue quite the way that 2005 did, but I'm sure we'll all get used to it. Today we've got a fairly short show for you, it's just going to be a resolution helper, and let's just right into it.

Here is today's resolution helper.

We've looked at your debts, and we've looked at our overhead fixed monthly expenses. Our next stop is direct deposit and how it can help you. What is direct deposit? Direct deposit is a process whereby your paycheck is sent to your bank rather than in check form to you personally. It's immediate and it's free. There are no checks to be lost or stolen. Payments reach your account the day that the check is issued, even if you're out of town, sick, unable to get to the bank, not there, too busy to pick up your check. No excuse, the check always clears the bank the date that the payment is issued. Many banks offer free, or low-cost checking to their customers with direct deposit because it saves them the cost of processing our deposit. Direct deposit also saves you trips to the bank, and can help you avoid long lines at the tellers or the ATMs on payday. The federal government and many employers will deposit your check a day early if the regular payday falls on a weekend or a holiday. Now aside from the conveniences that I've just mentioned, you can now pay our bill automatically once you've got a checking account. That's right, you won't ever need to think about paying your bills ever again. But the first step is that you need to make sure that your employer offers direct deposit. If not, don't worry. We'll talk about that option as well when we're talking about direct deposit. But for now let's assume that direct deposit is an option. The next thing that you're' going to need to do is you're going to have to open up two checking accounts at two separate banks. Now that's the case whether you're going to use direct deposit, or even if your employer doesn't offer it. You'll need to do this though so that you can have part of your paycheck put in one place, the other part in another. Any...