Top 10 Reasons To Use Direct Deposit and Direct Payment
(CPWire) April 19, 1999 --
10) Beat the Canadians. Only 46 percent of U.S. employees use Direct Deposit compared with 100 percent in Canada. The Canadians are winning. Don’t let this happen, eh?
9) Get paid while in Cancun. With Direct Deposit, your check goes to the bank when you`re on spring break or no matter where you are.
8) Pay less on your student loan. Many organizations, including education lender Sallie Mae, offer a reduction in interest rates if you pay via Direct Payment.
7) If you can`t get straight A`s, how about a perfect credit rating? With Direct Payment, your bills are paid from your account automatically, eliminating the risk of having to pay late fees and hurting your credit rating. Pretty important when you try financing that first new car or house.
6) No need to lose sleep over a lost check. No Direct Deposit or Direct Payment has ever been lost. But the U.S. Treasury Department replaces more than 800,000 lost checks each year, and check fraud costs our economy $1.3 billion annually.
5) Go to 12 extra movies a year. Statistics show people spend an average of 24 hours waiting in line to deposit their paycheck. Why not better use that time by going to eight concerts, playing 18 intramural football games, or watching 24 episodes of Ally McBeal or SportsCenter?
4) Forget about paying bills. Let Direct Payment automatically pay them for you. You need to keep focused on The History of Western Civilization, the big game, Saturday night`s party, and, oh yeah, that special someone in your life.
3) Uncle Sam needs your help! On average, the U.S. government spends 41 cents more to process a traditional check than to process an electronic transaction. About $33 billion is spent annually on printing, issuing, sorting and mailing checks.
2) Catch up to Grandma. More than 70 percent of Social Security recipients receive their benefits through Direct Deposit. Meanwhile, just 46 percent of the general population receives its pay through Direct Deposit. Even with a bad hip, your grandma is more hip than you.
1) No more licking stamps!
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