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Extra time on your hands? You're welcome.

Direct Deposit is a safe, easy, time-saving feature designed to make your life easier. Of course with fewer trips to the bank you'll have to figure out what to do with all your extra time. 

What is Direct Deposit?
Direct deposit is the electronic transfer of a payment from a company or organization into an individual's checking or savings account. It is ideal for more than just payroll; including, payments, tax refunds, pensions, dividends and bonuses.

Did you know?
Research indicates that you may save the equivalent of three workdays each year by not having to go to the bank to deposit checks and not having to make any extra trips to the office to pick up your paycheck. Learn more about all the benefits of direct deposit.

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Sign Up for Direct Deposit.

Establishing direct deposit of your paycheck requires you to go through your employer, who will have the paperwork needed to set it up. Your employer will want your Social Security number and a voided check from your checkbook containing your bank's routing number (a number assigned by the Federal Reserve to identify your bank) and your account number. The routing number is the first set of numbers on the bottom left of your check. The routing number is followed by your account number and the number of the check itself.


It usually takes about two weeks for direct deposit to kick in. After it does, instead of your regular paycheck, you will receive a voucher that looks similar to a check from your employer stating how much was deposited to your account and all the same information on taxes, benefits and other deductions that were on your paper paycheck.

 

  • No monthly service charge
  • No minimum balance requirement
  • No check processing fees
  • Unlimited check writing so you can write as many checks as you want!
  • Check safekeeping means you don't have to store your cancelled checks. We will do it for you!
  • Your first box of basic style checks is free! (new customers only)
  • Free Master Money Debit card giving you the purchasing power of VISA and the convenience of 24 hour banking.
  • VISA or MasterCard with no annual fee if you use the card just twice during the calendar year (upon request and subject to credit approval)
  • Overdraft protection available from either your Peoples Bank Co. savings account or credit card (subject to approval)
  • ½% discount on Installment Loan rates if you have your loan payment directly deducted from your checking account
  • Free safe deposit box for one year if you open a new box with us
  • Direct Deposit is safer because there is no check to be lost or stolen.
  • Direct Deposit is more confidential because it is more direct. To process a check, it must pass through many more hands than an electronic transfer.
  • Direct Deposit is convenient because payments are deposited into your account the day they are issued.
  • Getting cash is easy with Direct Deposit. Your ATM card gives you 24 hour access to your account or you can visit your bank office whenever it is convenient for you.
  • Direct Deposit saves you money because we offer free or lower-cost checking for customers with direct deposit; such as, The Peoples Bank Co.'s Payroll Plus+ checking account. Ask us for more details about this checking account.
  • Direct Deposit makes it easy for you to keep track of your payroll deposits. Most employers will issue a payment stub that is similar to what you receive with a traditional paycheck. It will show how much was deposited into your account and how much was taken out for taxes, insurance and other items.
  • Direct Deposit can help you manage your finances because it can reduce the chances of having checks returned for non-sufficient funds. In fact, financial planners recommend Direct Deposit as one step towards gaining better control of your finances.
  • Problems with Direct Deposit are very rare. The chance of having a problem with a check is 20 times greater than with Direct Deposit. If a problem ever does occur, it can usually be resolved quickly by making just one phone call to your employer or the bank