What is Direct Deposit and how does it work?
Direct Deposit is a safe, proven, confidential method of receiving a payment. Money is electronically transferred from a company or organization into your checking or savings account.
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How much time can Direct Deposit save me?
Research shows that the average worker spends between 8.5 and 24 hours a year just cashing payroll checks! With Direct Deposit, employees can skip all the detours to the credit union facility and get right to more important things.
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What will Direct Deposit cost?
Direct Deposit is a free service offered by your employer and the U of I Employees credit union.
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How confidential is Direct Deposit?
With traditional payroll processing, a check may be handled by as many as twelve (12) people before it reaches your account. Direct Deposit eliminates most of that, which is about the most confidential way to handle a paycheck.
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Isn’t there less chance of an error if I personally take my check to the credit union?
With Direct Deposit, the employee’s money automatically transfers from one financial institution to another. With less physical handling of the check, there is less of an opportunity for manual errors.
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When do I have access to the money?
You have access as soon as the deposit is posted to your account. Use Touch Tone Teller or I-Branch Home Banking to check the status of your deposit.
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If I have a problem with Direct Deposit, how do I solve it? Whom should I call?
Problems with Direct Deposit are rare. In fact, you are much more likely to have a problem with a check. But if any matter should arise, contact your employer or the credit union at 217-278-7700. The problem can usually be quickly corrected.
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How do I sign up for Direct Deposit?
First, find out if your employer offers Direct Deposit. If it is available, your human resources or payroll department can give you the authorization form. U of I employees can set up Direct Deposit to savings or checking, online using NESSIE.
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Can I divide my pay among different accounts if I use Direct Deposit?
Yes. Call or stop by the credit union to set up a distribution plan.
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