According to a study conducted for NACHA (the electronic payments association) by Tinucci & Associates, the total direct and indirect costs of depositing a check yourself instead of using direct deposit is a whopping $5.88. That means that if you get paid every other week, it costs you more than $70 a year to deposit your own paycheck rather than having it directly deposited.
In addition, many banks will actually offer you incentives to have your paycheck directly deposited since it costs the bank less money when you choose this option. If the bank doesn’t offer anything upfront, ask. Many banks will waive minimum balances for free checking if you ask when you agree to have your paycheck direct deposited. There are quite a few savings benefits that come with direct deposit.
To find out if your company offers direct deposit, talk with your company’s personnel department. Most large companies will offer this service, but some smaller company’s might not. If your company does offer this service, then go to your bank and have the direct deposit service set-up for one of your accounts.
Once you do, you will no longer have to worry about delays in your paycheck reaching your bank account as well as save yourself both money and time. If available, be sure to take advantage of this service.