Category: Banking

3 Easy tips for trouble free direct deposit

Setting up direct deposit shouldn’t be difficult. However, something always seems to go wrong. Use these tips for trouble free direct deposit.

1) Verify your bank takes direct deposits

Believe it or not, some small banks and credit unions cannot receive direct deposit transactions. If you bank with a small local institution, give them a call to verify they can receive your direct deposit.

2) Checking or Savings accounts

You need to know what type of account your deposit is going into. It seems trivial now but specifying the wrong type of account on your direct deposit setup form can delay your direct deposit. If your are unsure, your bank will be more than happy help with this.

3) Provide a voided check

I know, this sounds counter intuitive. You’re trying to get your money electronically, why should you provide a piece of paper. Also, they are paying you, why do they need a check?

Your personal check has all the information needed in order to setup a direct deposit.

The series of numbers at the bottom of the check are you bank’s routing number and your account number. Providing this to the payroll department ensures they setup your direct deposit correctly the first time. Avoid providing a deposit slip, even if the payroll depart asks for one specifically. Some banks do not put their official routing number on the deposit slips. Stick to actual checks. Lastly, be sure to write “void” in the signature area on the front and endorsement area on the back.

Banking brats, is there such a thing?

There are Military Brats. Children moving from base to base as their parents military careers develop.

I believe there’s an unsung generation of children that we can call Banking Brats. These kids move around due to the consolidation of the banking industry. I think it maybe a recent phenomena, with in the last 30 years.

It started with the deregulation of banks in the early ’80s. Banks rushed into areas of business they did not understand. Quickly, the banks ran into trouble with their new products and began to fail. By 1982 banks were failing and being absorbed into other banks. Bankers lost their jobs or the position was relocated. I imagine many families moved to continue their role within the company or to find new opportunities.

Recessions are a main reason for consolidation of the banking landscape but not the only reason. It’s the nature of big banks to buy little ones. Displace employees by shutting down redundant locations and merging operations.

Transition like this has it’s up and downs. The positive, the children see new places, experience more people and become accustomed to change. Change is a life lesson hard learned by every child. However, transition can cause issues with developing interpersonal relationships. These two aspects are things I think any military brat could identify with.

Does this group deserve their own name?

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