Using paycheck direct deposit not only saves you time, but it also earns you money! Did you know that your direct deposit can do way more than just show up in your bank account every pay period? One can help you realize your paycheck’s full potential while helping you save more (automatically) and earn higher interest on your savings.* If you’re still on the fence, we’re rounding up seven reasons to set up a paycheck direct deposit today so you can start enjoying all the benefits your hard earned paycheck can unlock.
1. Nothing Extra vs. Increased Credit Line
Today, your paycheck arrives in your account…and…that’s it. Adding direct deposit to your One account can unlock an increased Credit Line.** You’ll be able to access more money if or when you need it. Stress less knowing you have a built-in safety net.
2. Arrives On Payday vs. Arrives Before Payday
Whatever day is payday for you (Thursday, Friday, Saturday, etc.), your deposit arrives on the same day every pay period. Did you know at One your paycheck direct deposit can come up to 2 days earlier with our most popular feature, Early Paycheck?*** Get paid before your co-workers and do more with your money sooner.
^ Comparison rates pulled December 29, 2020. Traditional banks’ APY calculated from average across leading national banks.
3. Account Fees vs. No Fees
Processing fee. Minimum balance fee. Random (is this even necessary to charge) fee. All these small fees are eating into your paycheck. Stop paying fees to use your own money! One accounts are free and easy to set up.
4. Risky vs. Secure
Unfortunately, Postal Inspection Service data shows a 600% increase in mail theft over the past three years. Paper checks sitting in an unsecured mailbox are more vulnerable to theft. Safe, secure, and encrypted digital transfers help your paycheck arrive in your account safe and sound.
5. Disorganized vs. Organized
If you have a personal budget laid out, your income is getting moved to many different Pockets. Skip manually transferring portions of your paycheck to varying Pockets for bills, savings, or shared expenses. A direct deposit allows you to streamline your finances and help you budget faster. You’ll be able to direct different amounts to different Pockets automatically.
6. Manual vs. Automatic
Saving for unexpected expenses (aka rainy day funds) can seem hard, especially when you have to remember to transfer extra income over to your Save Pocket manually. Put your savings on auto-pilot when you add your paycheck direct deposit and flip on Auto-Save! You can choose how much you’d like auto-transferred to your Auto-Save Pocket, where you’ll earn 3.00% APY*. You’ll also earn 1.00% APY* on your Save Pocket balance, too!
7. Junk vs. Eco-Friendly
The average American uses about 680 pounds of paper per year! When you ditch your printed check, you’re helping save trees. Every bit helps, so opt-in for direct digital deposits to help reduce your environmental impact by sparing trees, printer ink, and fuel to deliver your check.
If you need help setting up your paycheck direct deposit, visit our Help Center for a step-by-step guide or to learn what type of paychecks qualify. Join One to start organizing your money and simplifying your life.
*Annual Percentage Yield effective as of 9/1/2020 and subject to change. 3.00% APY available on all Auto-Save balances. Maximum contributions of up to $1,000 per month in paycheck Auto-Save and no maximum contribution for card Auto-Save.
** Subject to approval.
*** Early Paycheck may post up to 2 days earlier than the scheduled payment date. Early direct deposit of a paycheck depends on factors such as timing of the payer’s deposit transmission, and the type of payer transmitting the deposit. Learn more about what qualifies as a paycheck direct deposit here.
Banking services provided by Coastal Community Bank, Member FDIC.
The One card is issued by Coastal Community Bank, Member FDIC, pursuant to license by Mastercard International.