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Many have access to a great financial management tool in direct deposit—where your pay is deposited directly into the account or accounts you choose.
Having your pay deposited directly into your account eliminates the need for you to visit a branch location to deposit your paper check. It also makes it easier for people who work during hours that the credit union isn’t open to gain access to their funds. Pioneer Valley also makes members’ paychecks available 24 hours sooner* when it is directly deposited into their accounts. You’ll also always get your pay on payday, whether you are on vacation, out sick, or working in another location.
Without the need for a paper check, there is no risk of losing it. It also offers better protection from identity theft, which can be a risk if someone steals a check or finds a check that you lost.
Using direct deposit is better for the environment because less paper checks are printed. According to a study by PayItGreen Alliance, if a business that employs 300 people and issues paychecks every two weeks switches its employees to direct deposit, the company would in one year: save 121 pounds of paper, avoid the release of 1,159 gallons of wastewater, and eliminate the release of 346 pounds of greenhouse gases into the atmosphere. The total environmental impact for that company would be equivalent to not driving 1,231 miles in a car, preserving 151 square feet of forest and planting 15 trees and growing them for 10 years.
Using direct deposit to set aside even small amounts of money in a separate savings or money market account can help you reach your savings goals. Pioneer Valley can help you set aside funds in the right account for your individual savings goal—you can even name your account something unique or label what your savings is for. The funds will go directly into the account—set it and forget it!
Why not switch to direct deposit today?
*24 Hours for employers that submit their payroll file early.
This blog post is intended to provide educational information and shouldn't be considered legal, tax or financial advice. Consult a tax or financial advisor for specific information on how certain laws apply to individual financial situations.
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*APR = Annual Percentage Rate; APY = Annual Percentage Yield; Terms and conditions apply.
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Calculator is for informational use only. Your actual loan terms will vary based on a number of factors.
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Calculator is for informational use only. Your actual savings will vary based on a number of factors.