What Are the Benefits of Direct Deposit?

January 26, 2023 by Partner Colorado Credit Union

A majority of employees receive their paychecks via direct deposit—according to a survey by National Payroll Week, almost 94% of US employees do. Direct deposit is when your paycheck is electronically transferred directly into your checking account. There are many benefits to opting into direct deposit such as faster access to your funds and greater security. Here are five benefits of using direct deposit to determine if it’s right for you.

Less travel and time

Life is busy and we could all do with a few less things on our to-do list each month. With direct deposit, you’ll save a trip or two each month to your credit union to deposit paychecks. You’ll save on fuel and time.

Safe and secure

With direct deposit, you don’t have to worry about lost or stolen checks anymore. You don’t receive a paper check. The funds are deposited directly to your checking account each payday. This is much more secure than a paper check. Your information and your employer’s information are more protected with direct deposit.

Funds are available faster

Direct deposit guarantees you get paid on time, no matter if you’re on vacation or away from the office. You also have access to your money faster. You must have a checking account to set up direct deposit. If you have direct deposit set up with your Partner Colorado checking account, you could get paid up to two days early, at no extra cost!*

Budgeting is easier

Each month you have certain expenses come due like your mortgage, rent, utility bill, cell phone bill, etc. When you have direct deposit, it’s easier to budget and plan for your expenses. You can set up automatic payments for all your bills to be paid after your direct deposit hits your checking account. You can also automatically transfer funds from your checking account to your savings account each month so you’ll be less tempted to spend money on things you don’t really need.


Less paper and ink is used since no paper check is issued. If you ever want to see a copy of your check or paystub, you can usually access it online. Ask your employer how to access electronic copies of your paychecks. You should also be able to view the direct deposit on your monthly account statement, which can be accessed through Online Banking or a Mobile Banking app. Direct deposit is a safe, secure and convenient option when it comes to receiving your paycheck. Stop by any Partner Colorado branch location to set up your direct deposit today.

*Early access to direct deposit funds depends on the timing of the submission of the payment file from the payor. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date. Early availability is not guaranteed, and may vary from deposit to deposit.

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