For those who worked or are working, you have probably heard of direct deposit. Direct deposit is a convenient way to automatically deposit your paycheck and other forms of income into your checking or savings account.
If you are a current Chase customer interested in setting up a direct deposit, then below is a detailed explanation on How To Set Up Chase Direct Deposit.
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What is Defined as a Direct Deposit?
A direct deposit is an electronic transfer of payment directly from the payer’s account to the recipient. With this method, you are able to obtain your payment while eliminating the need for paper checks. The transaction made through direct deposit are automatic and strays away from the need to use physical medium to get the job done. Some example of payments that qualifies for direct deposits are of the following:
- Payroll checks from your place of employment
- Payments for veterans benefits, Social Security, Supplemental Security Income, Railroad Retirement and other federal benefits
- Benefit payments issued by state governments for pensions, retirement and unemployment
- Investment income from certificates of deposit, annuities and mutual funds
How To Set Up Direct Deposit With Chase
Setting up a Direct Deposit with Chase Bank is much simpler than you think. Chase understands the hassle you would expect from banks. Therefore, Chase has made it as easy as possible! Simply follow the steps below:
- Head on over to Chase Bank Direct Deposit.
- Download and fill out the direct deposit form.
- Complete the direct deposit form.
- Deliver the form and a voided check to your company’s payroll department.
- If you’re eligible, your employer will deposit your paycheck directly into your account.
- Confirm the deposit each pay cycle by signing in to Chase OnlineSM or viewing your account statement.
Chase Bank Direct Deposit FAQs
- What if I have U.S. government benefit income such as Social Security of Military Pay?
- Visit fiscal.treasury.gov/GoDirect(Opens Overlay) to enroll.
- What information do I need to provide in order to set up Direct Deposit?
- Employer or depositor’s name and address
- Employee ID or account number with depositor
- Your account number
- Your routing/ABA number
- How quickly does direct deposit take effect?
- Direct deposit usually takes up to two pay cycles to kick in. However, it’s different for each employer. Please check directly with your employer for specific timing.
- Does Chase process direct deposits on weekends?
- Chase, like all banks, must make your deposit available by the day after it receives the funds. You can expect direct deposits your employer initiates on Saturday and Sunday to post to your account on Monday.
What Are the Benefits of Direct Deposit?
You’ll enjoy several benefits when you take advantage of direct deposits with Chase.
- Convenience and Time: By setting up direct deposit it saves you time by having to manually deposit your check at a bank. This is especially convenient if your work hours clash with bank operating hours. It also removes the possibility of losing the check. However, if you use checks you can use mobile deposit using Chase QuickDepositSM.
- It Saves Money: Direct Deposit is in the best interest of you and the company. Direct deposits also cut down on expenses like purchasing checks, maintaining a printer, and buying ink and envelopes. Finally, direct deposits eliminate costs like reissuing checks that were lost or stolen and payment charges from banks.
- Employees are Paid on Time: The reduced effort required to process direct deposits, combined with new electronic payment technology, guarantees that you will get your money on time when you need it.
Chase Bank Online App
Still Have Questions?
- Reach someone helpful 24/7. Call 1-800-935-9935!
Conclusion
Having the ability to take control and manage your money is definitely something we all need. With direct deposit from Chase Bank, you are able to do just that while eliminating the time it takes to obtain your money.
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