Did you know that if you have an Flare Account® you can have your payroll or government checks deposited directly to your account? With your account, you can get access to your money with a companion debit card or ATM cash withdrawals.
As far as we’re concerned, direct deposit is one of the most convenient banking tools to take advantage of. Once the technology became widely available, it didn’t make sense for people to deposit their paychecks or government benefits in any other way. Direct deposit is now a convenient way to get paid.
If you don’t utilize direct deposit for your government benefits or paychecks, we encourage you to get set up for direct deposit by signing up for a Flare Account®.1 Here are four reasons to love direct deposit:
1. Direct Deposit is Easy to Set Up- Depending on Your Employer
Setting up direct deposit is as routine as completing a form. All you need are two numbers: your account number and your financial institution’s routing number. Consumers who elect for direct deposit can find this information in the Online Account Center.
To set up direct deposit with your employer, touch base with the HR department. They will ask you for your account and routing numbers. Just give them the numbers we provide. Use the same process to sign up your government benefits for direct deposit.
2. You Get Paid Faster than a Paper Check
At many banks, even if you arrange to direct deposit your paycheck or benefits check, the money you are owed ends up in your account on the very day you get paid. With the Flare Account, you can get paid up to 2 days faster!2
Compare that to receiving paper checks, where your check must be taken to the bank or check-cashing store. If you can’t get there on the same day you receive your check, you’re out of luck. Furthermore, settlement from your employer’s bank to yours can take a few days when you deposit a check, which means that you won’t have access to your pay until the check clears.
3. Direct Deposit is Convenient
Not having to travel to the bank or check-cashing store to get your money frees up time you could spend doing other things. As such, it’s easy to make the case that direct deposit is convenient. You get paid without having to jump through hoops. Just sign up for direct deposit and then wait for your money to arrive on the scheduled date.
4. It is Safer Than Carrying Cash or Cashing Checks
Direct deposit is also a safer way to get paid. Because your money goes right from the payor into your account, there are no worries about your check being lost or stolen in the mail. There are no worries about misplacing your check before you get to the bank.
Deposit Offers Additional Benefits
It is not uncommon for financial institutions to offer extra benefits to incentivize people to use direct deposit. For example, qualifying direct deposit activity allows you to withdraw up to $400 in cash every day3 from your Flare Account with no fees at participating ACE locations. Signing up for qualifying direct deposit also allows you to open an optional savings account and earn up to 6.00% Annual Percentage Yield (APY) on your deposits.4
Direct deposit really is a wonderful thing. If you don’t yet take advantage of it, what’s holding you back? Make it happen with the Flare Account®.1