Perhaps the most convenient feature of a debit card is the ability to set up your checking account with direct deposit. This means that payments can be sent straight to your checking account electronically so that debit funds are accessible more quickly because you eliminate the steps of having to deposit the money yourself and waiting for paper checks to process.
If you receive a monthly or week paycheck, or other form of regular compensation, then setting up direct deposit is a good option for you, it will make your life easier. Direct deposit is an especially useful option during the pandemic so that you do not have to take any trips to the bank to deposit your paychecks. Your compensation is put straight into your account, no walking or driving required.
If you have a checking account with a bank, direct deposit is usually available as an option for free. When you sign up for your account you will usually receive a free debit card for direct deposit.
Direct deposit is a simple process that is easy to start, all you have to do is ask your employer to set up your direct deposit for you and give them your bank account details.
Today, many banks offer an option to sign up for debit cards with early direct deposit so that you have access to your compensation two days faster than standard direct deposit.
You can also receive direct deposits from other types of compensation, such as tax returns, social security payments, and unemployment benefits.
To use direct deposit for these types of payments you will need to look out for an option to select direct deposit while you are applying for benefits or submitting your tax return. If the direct deposit option is available then you will need to enter your checking account information.
Even if you do not have a normal checking account, you can still use direct deposit to get access to your money quickly.