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Direct deposit is an automatic, computerized method of electronically depositing items such as payroll, social
security or other pension benefit directly into your bank account. If you want direct deposit, you must sign up for it.
Enrollment is not automatic.
How Direct Deposit Works
Direct deposit is a service for electronic direct deposit of money into your bank account without the use of paper
checks. Direct deposit links consumers, companies, and financial institutions nationwide through a network called the
Automated Clearing House (ACH). More than 10,000 financial institutions belong to the ACH system.
If you have direct deposit, the net amount of your deposit is transmitted to your bank and is available for your use once the money has been credited to your account. Direct deposit is set up so that your money is deposited and available to you on the day of the deposit. If the day of the deposit falls on a weekend or holiday, your direct deposit will be posted and available for use on the last business day prior to the holiday or weekend.
Advantages of Direct Deposit
- Direct deposit is convenient, safe, fast, and efficient.
- You don’t have to wait in bank lines.
- There are no checks to get delayed, lost, or stolen, so there are none of the stop-payment delays that occasionally arise with mailed checks.
- Your deposit is immediately available for use. You don’t have to wait for your check to clear.
- A phone call to your bank can confirm the deposit.
- Capital Bank does not charge a fee for electronic direct deposit.
How to Start Direct Deposit
If you are an employee and want your employer to use direct deposit to deposit your wages, you can contact the
Payroll Department for information.
If you want to use direct deposit for Social Security or other pension related deposits, go to www.godirect.org for more information.
