If you’re someone who constantly misplaces things, direct deposit can be a lifesaver. You won’t have to worry about losing your check or forgetting to pick it up altogether. In fact, you barely have to think about it at all! When payday rolls around, it’s as easy as logging into your online bank account and viewing your deposit information.
And then there’s the risk of check fraud. If your paper check were to fall into the wrong hands, someone could fraudulently cash it, leaving you without an important paycheck. Continue reading below to learn why direct deposit is the most secure way to receive your paychecks.
Receiving a paper check takes long enough, but if it gets lost, stolen or misplaced, it will take significantly longer to get your money. Could you go a few days – even weeks – without a paycheck?
And that’s if your employer is willing to reissue the check in a timely manner.
When you report your paycheck as missing or stolen, your employer must ensure that you are being truthful so as not to pay you double what you are owed. It can take time for your employer to investigate your report, and even longer to provide you with a new check.
You can easily avoid this headache by choosing direct deposit. If there’s ever a question about your paycheck, it’s much easier to follow an electronic money trail than a paper one. Not to mention your bank acts as a third-party witness.
If you’re someone who likes having physical proof of payment, you can ask your employer for a receipt or paystub. This allows you to enjoy the security of direct deposit while holding onto a piece of physical evidence.