What's the Deal with Direct Deposit?
What’s the deal with direct deposit?
You probably hear us talking about direct deposit a lot. To be honest, you probably hear every bank talking about direct deposit a lot. But what is it and why are nearly 94% of U.S. employees using it to get their paychecks? We’re so glad you asked…
Table of contents
What is direct deposit?
Why should I set it up?
What perks do I get?
How do I set it up?
When will direct deposit hit my account?
What is direct deposit?
Direct deposit is the fully automated, electronic transfer of wages from your employer or benefits provider to your own bank account(s). When it comes time for payday, your employer or benefits provider issues an electronic payment that is then automatically transferred over to your bank account, or to multiple accounts, depending on how you designate where you want your money deposited. With a simple setup process, you can waive bye-bye (😉) to paper checks, check cashing fees, and trips to the bank, and say hello to a whole slew of benefits.
Why should I set it up?
Oh, direct deposit, how do I love thee? Let me count the ways!
1. Money is automatically deposited in your account
You can check your balance one second, then BOOM, there’s your paycheck, deposited safely and quickly the next. And when your money is direct deposited, you can access that money wherever you are, whenever you need it.
2. No need to cash a check or go to a bank
Make waiting in line to cash a check at the bank, grocery store, or the ATM a thing of the past. Now your money can just be deposited in your account without even having to wait for a check to be mailed to you.
3. Early payday FTW
Direct deposit can make payday come a little sooner. In fact, direct deposit can get your paycheck deposited to your account up to 2 days early and your government benefits up to 4 days early** Early direct deposit availability depends on payor type, timing, payment instructions, and bank fraud prevention measures. As such, early direct deposit availability may vary from pay period to pay period. The name and Social Security number on file with your employer or benefits provider must match your GO2bank account to prevent fraud restrictions on the account. . You definitely can’t get that with a paper check.
4. Better control of where your money goes
Have a GO2bank account and an account with another bank? You can split how and where you want your money deposited between them! Did you close your other bank account because you realized how awesome GO2bank is? Then you can change your direct deposit to be sent only to your GO2bank account!
5. Avoid monthly maintenance fees** Monthly fee waived whenever you receive a payroll or government benefits direct deposit in the previous monthly statement period. Otherwise, $5 per month.
A lot of banks, including GO2bank, charge a monthly fee for you to use your account. But with direct deposit, you’ll routinely have money deposited into your account, waiving your fees, letting you use more of your hard-earned money on what you really want.
6. More secure while also being more convenient
No checks lost in the mail, no fraudsters signing your name on a stolen check. Just a safer, faster way to get your money the way you want it.
What perks do I get?
You may be saying, “Wait, I get perks just for setting up direct deposit with GO2bank?” You better believe it!
1. Early payday
When you set up direct deposit with GO2bank, you get your pay up to 2 days early and your government benefits up to 4 days early** Early direct deposit availability depends on payor type, timing, payment instructions, and bank fraud prevention measures. As such, early direct deposit availability may vary from pay period to pay period. The name and Social Security number on file with your employer or benefits provider must match your GO2bank account to prevent fraud restrictions on the account.. If you keep push notifications on with your GO2bank app, you can know exactly when your money arrives in your account.
2. No monthly fees
Not today, monthly fees! Whenever you receive a payroll or government benefits direct deposit in the previous monthly statement period, you can kiss your monthly fees goodbye** Monthly fee waived whenever you receive a payroll or government benefits direct deposit in the previous monthly statement period. Otherwise, $5 per month..
3. Overdraft protection
Worried at the register about how much you still have in your account? We’ve got you covered with up to $300 in overdraft protection after eligible direct deposits and opt-in** Opt-in required. Account must have initial eligible direct deposits, must be in good standing and have an activated chip-enabled debit card to opt-in. Ongoing eligible direct deposits and other criteria apply to maintain eligibility for overdraft protection. Only debit card purchase transactions are eligible for overdraft protection and overdrafts are paid at our discretion. We reserve the right to not pay overdrafts. For example, we may not pay overdrafts if the account is not in good standing, or is not receiving ongoing eligible direct deposits, or has too many overdrafts. Overdraft fees may cause your account to be overdrawn by an amount that is greater than your overdraft coverage. A $15 fee may apply to each eligible purchase transaction that brings your account negative. Balance must be brought to at least $0 within 24 hours of authorization of the first transaction that overdraws your account to avoid a fee. Learn more (Overdraft Protection PDF)..
4. Start building credit
After you receive eligible direct deposits, you can easily start your credit building journey by applying for the GO2bank Secured Visa® Credit Card** Available only to GO2bank accountholders with direct deposits totaling at least $100 in the past 30 days. Eligibility criteria applies. Other fees apply.!
How do I set it up?
Have we sold you yet on the glory of direct deposit? We hope so! Now all you have to do is set it up. Don’t worry, GO2bank gives you two easy ways to set up direct deposit:
Set up direct deposit in just 2 minutes
Log in to the GO2bank app or GO2bank.com to access your "Direct deposit" page from the "Move money" menu.
Tap or click the "Set up automatically" button at the bottom of the "Direct deposit" page to get started.
Review the steps for how to automatically set up your direct deposit and hit Continue.
From there, you can search for "Who pays you?" to find your employer or benefits provider to set up your direct deposit in just a few steps.
If your request is successful, you should start seeing your direct deposit in your GO2bank account in 1-2 pay cycles.
Set up direct deposit manually
Ask your employer’s payroll department for instructions on how to set up direct deposit.
Then follow these steps to get your account and bank routing numbers:
Log in to the app or GO2bank.com to access your "Direct deposit" page. The “Direct deposit” page can be found in the "Move money" menu on the app.
From the "Direct deposit" page, copy your GO2bank direct deposit account number and bank routing number to give to your employer or benefits provider. You can also download a direct deposit form pre-filled with your information.
Whether you go for the super easy setup option, or just the easy setup option, you’re done! Then all you’ll have to do is wait for payday, which always feels like it takes forever, right? At least with GO2bank, your money will magically appear in your account up to 2 days earlier than payday, speaking of which…
When will direct deposit hit my account?
Once your setup is complete, your direct deposit will usually start showing up in your GO2bank account within 1-2 payroll cycles. And instead of waiting for your actual payday, we’ll credit the amount to your account as soon as we receive payment instructions from your employer or benefits provider. Since most employers or benefits providers typically notify us about your incoming deposit in advance of your payday, that means your pay will post up to 2 days early, and your benefits up to 4 days early. But please keep in mind – if and how early your deposit posts to your account are completely dependent on when your employer or benefits provider sends us payment instructions, which can also vary from pay period to pay period. If you haven’t received your pay as early as you did the previous pay period, it doesn’t mean something’s wrong or that we’re holding on to it. It just means we haven’t received it yet. But rest assured, we want to get you your hard-earned money into your account as quickly and securely as possible.
Want to add even more excitement to your new direct deposit life? Turn on direct deposit notifications! Just log in to your account, select “Menu,” then “Notifications,” and tap “Direct deposit posted.” Then you can get push notifications, text messages, and/or emails letting you know the second your pay posts to your account!
Please note: The name and Social Security number on file with your employer or benefits provider must match your GO2bank account to prevent fraud restrictions on the account.
