Maximize Your Budget, Automate Your Savings

What is direct deposit?

Direct deposit is when your income source is electronically deposited directly into your account on pay day. Instead of your employer handing you an envelope with a written check – which you would have to find the time to cash yourself – it’s simply deposited into your account.

Do I need to set up a direct deposit?

Direct deposit is helpful in breaking down as many barriers as possible between you and your money. No more skipping lunch to go deposit a check or having to rush on a Saturday morning to get to the nearest branch before it closes, or even having to wait for the check to clear.

It’s your money, in your account, when you need it.

What are the benefits of direct deposit?

We’ve discussed how direct deposit allows you to have your money instantly deposited into your account without any waiting periods – but you can also choose which account you want that money deposited into.

Whether you prefer to keep all your money in your savings account, where whatever you don’t use will earn dividends, or would rather it all be deposited directly into your checking account where you can divvy it out, direct deposit can handle it.

You can also split your paycheck between multiple accounts. Say you want 50% of your money deposited into your savings, and the other 50% into your checking, you can do that.

This works with exact dollar amounts too – so with a bi-weekly paycheck of $1,200, you can have $650 directly deposited into your savings account, and $550 into your checking.

Feel free to adjust these numbers as you please – it’s your budget after all. 

Can direct deposit help me budget more effectively?

Absolutely – and efficiently too, especially when paired with Digital Banking and the Visions FCU Mobile app.

Let’s say you set up your direct deposit to funnel into your Primary Share. From there, you can set up as many one-off or recurring transfers into as many other accounts as you please.

Think ahead: you know you have to pay your credit card off every month, so try opening a Share Money Manager, naming it “Credit Card” or “CC Payment”, and then set up a recurring transfer from your Primary Share to this “CC Payment” on each payday so that no matter what, your credit card limit is covered.

This works with rent or your mortgage, too. Go through the same steps: open a Share Money Manager, name it “Rent” or “Housing”, calculate how much you should set aside from each paycheck to cover the expense, and then establish that recurring transfer – all in seconds!

Maybe you have a Lucky Savers share certificate that you know you need to put $250 into every month so that you can get the maximum amount of chances to win up to $5,000*. Get paid bi-weekly? Transfer $125 from each paycheck into the certificate and you're set!

Whether you have a loan, a mortgage, a college fund for your young one, or want to hold yourself to a firm “fun money” budget each week, Digital Banking, direct deposit, and instant transfers can help you get where you want to go.

Just remember the most important step to budgeting: make sure that before you spend on your wants and whims, you pay yourself first and cover any debts, lines of credit, or living expenses.

And now, for the question we hope you’re asking:

How do I sign up for direct deposit?

It’s very simple. All you need to do to establish a direct deposit line is to give your employer or payment provider:

• Visions’ ABA (routing) number (221375378)

• Your account number in the correct format

You can even select Direct Deposit Switch in Digital Banking to access a prefilled letter with your direct deposit details – ready to hand directly to your payment provider!

What if I already have a Direct Deposit set up at a different financial institution?

You’ll be excited to learn about ClickSWITCH, our secure online service available through Digital Banking that lets you update your direct deposit online – all in 60 seconds or less!