What is Direct Deposit and Why Should You Set it Up

by Editors at Fair
April 28, 2022
What is Direct Deposit and Why Should You Set it Up

It’s easy to get excited once payday arrives. After all, you’ve worked hard for that money and are probably eager to see and use that financial reward.

Some paper payroll checks are mailed, but that takes time and they can be lost or stolen.  Sometimes checks are handed out in-person by a payroll colleague or staff person, but what if you are out of the office the day the payroll checks are distributed?

You shouldn’t have to wait for your hard-earned money. Enter direct deposit, a safe, confidential, convenient, and fast way to get the funds from your paycheck.

A direct deposit is defined as a payment made directly into your bank account. The payment is made electronically and quickly. Since the money goes directly into your bank in the form of an electronic transfer, there’s no risk of a check being lost, stolen, or misused.

In addition, a direct deposit means the funds usually don't take a considerable amount of time to be processed. That could mean faster access to your funds. But it gets better. At Fair, when you set up direct deposit into your Spending Account, you can get access to your funds up to two days earlier6, and access the funds right away via the FairPay mobile app or by using your Fair debit card.

Your money is your money – why wait for it?  Sign up for Fair direct deposit today. Learn more here.