Why You Should Choose Direct Deposit for Your Social Security and Federal Benefit Checks
Just a few short decades ago, account holders had to visit their financial institutions in person and wait in line in order to withdraw money or deposit a check. Thanks to ATMs, very few people visit the teller’s window to get cash, and thanks to direct deposit you no longer have to wait in line in order to get funds from checks into your account. Social Security and other federal payments are particularly convenient when delivered by direct deposit. Here’s why:
Your Benefit Funds Are Available Immediately
Unlike personal checks, which take time to clear, direct deposit funds post to your account immediately, and you can schedule automatic bill payments based on the date that your benefit checks post so that you’ll never make a late payment again. You also don’t have to wait for the mailman on the day your benefits are due to arrive.
There Is No Risk of Loss or Theft
Any time you receive a physical payment, whether it is cash or a check, there is a risk that it may be lost or stolen before you can deposit it to your account. Social Security payments no longer come as checks, but as a Direct Express® debit card, which can also be misplaced or stolen.
You Will Be Paid on a Set Schedule
Direct deposit makes it easier to plan out your monthly budget, because you can rest assured that the money will be in your bank account by the start of business on the same date every month. You will never have to take time out of your day or go out of your way to visit your credit union—you can just use your debit card or write checks as soon as the money shows up in your account.
At GCS Credit Union, direct deposit is available to any of our customers with checking accounts . If you need help setting this service up, call us now at (618) 797-7993 and one of our associates will be glad to help you.