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Direct Deposit: What Are the Benefits?

Setting up direct deposit can seem like a hassle when starting a new job or switching over from paper checks for the first time. But in most cases, it just requires a simple form with some of your account info, and you’re good to go. And once you enroll, there are some significant benefits to enjoy.

Direct Deposit, mobile banking, Rocky Mountain Credit Union

Ultimate convenience 

You’re already working long hours, so saving yourself the hassle of manually managing your money is a big perk of direct deposit. You can just open up your RMCU app or log in to online banking, see that your deposit has arrived, and get on with living your life. Take a few items off your to-do list by signing up for a direct deposit. 


Makes budgeting easy 

You have a lot of control over budgeting tools when you have direct deposit set up. Since you know the exact day and time your money will hit your account, you can schedule online bill pay around those deposit dates. You can even set up your deposit, so a portion of your check goes straight to your savings account, or multiple share accounts you’ve created, or you can schedule an automatic transfer each pay period, so you pay yourself and save first. That way, you’re not even tempted to spend money you don’t have. 


Extra security to protect your money 

When it comes to financial security, online encryption is the ultimate in money protection. But a paper check can easily fall into the wrong hands—or even get misplaced. Direct deposit is protected from start to finish, and you don’t have to worry about identity theft or lost wages if a paycheck gets swiped from your mailbox. 


Person taking a photo of a check for mobile deposit.

Quicker access to your paycheck 

Think about all the time that a paper check adds to you getting your money. You either need to wait for it to arrive in the mail or go pick it up. Then you have to drive to your financial institution or deposit online. Sometimes there’s a waiting period before that money becomes available in your account. It’s not just inconvenient. It’s more time to wait before you can pay your bills and make essential purchases. Direct deposit can cut that down by days. 


Financial institution bonuses 

The more ways you can make your money work harder for you, the more you can grow your wealth. Taking advantage of account incentives can be a great way to maximize savings. Starting February 1, 2023 when you open a new Swipe Checking account as your first checking account with RMCU, set it up to receive a total of $1,000 or more in qualifying payroll deposits to the new checking account and make one purchase using your RMCU debit card each month within 90 calendar days from the account opening. 


Woman doing banking on her phone while sitting on couch.


Once the 90-day qualification period has elapsed, you’ll get a $300 deposit right to your account if you have met the offer requirements. Any earned bonus will show up in your new account within 30 days. You do have to be 18 and older to qualify, and the account must be in good standing with no returned deposits to receive the bonus deposit. 


Ready for the benefits of direct deposit? Open your Swipe Checking* and get set up for automatic payment on your next paycheck to help your money grow. 


*Must qualify for membership. All checking accounts are verified with ChexSystems. By member’s choice, this institution is not federally insured. Each account is insured up to $250,000.00.

Non RMCU links are being provided as a convenience and for informational purposes only; they do not constitute an endorsement or an approval by Rocky Mountain Credit Union of any of the products, services or opinions of the corporation or organization or individual. RMCU bears no responsibility for the accuracy, legality, or content of the external sites.

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