The term direct deposit refers to the deposit of funds electronically into a bank account rather than through a physical, paper check. This allows your employer to send your pay directly to your bank account so you won’t need to deposit a paper check each payday, allowing you to access your money more quickly and easily.
What is considered a qualifying direct deposit?
That’s a great question! A qualifying direct deposit will be an ACH deposit from your:
- Employer (including pension plans)
- Payroll provider
- Benefits provider
- Other government entities (like Social Security)
Non-qualifying direct deposits are ACH deposits such as:
- Check deposits
- Peer to Peer (P2P) transfers (Paypal, Venmo, etc.)
- Merchant transactions (Paypal, Stripe, Square, etc.)
- Bank ACH transfers that are not from employers or payroll providers
If you need help setting up your direct deposit, click here!