Many employers will deposit your paycheck directly into your account, so long as you provide account and routing numbers for your bank. Among deposit methods, this is one of the safest and most convenient.
“You should establish direct deposit if it is an option,” says Eleanor Blayney, CFP®, consumer advocate for the CFP® Board in Washington, D.C. “It gets your money right into your account with no separate trip to the bank.” Direct deposit also eliminates the chance that the check will get lost or stolen, makes it easy to track your deposits electronically and usually means you will have access to those funds sooner, she says.
Many banks offer a mobile deposit option, which allows you to take a picture of a check on your phone and deposit it using a mobile app. Mobile deposit is a great way to get checks to the bank in a fast and convenient way. Many prefer this option because it’s a way to make deposits anywhere, any time.
ATMs are everywhere and offer a convenient option for depositing checks and getting cash.
Tip – try to choose ATMs that are linked to your bank to reduce or eliminate transaction fees.
Visiting a local branch
There was a day when physically going to a bank was the only way you could deposit a check or withdraw funds. It’s still an option today, and Blayney recommends when cashing or depositing at a branch to separate deposits and withdrawals into two transactions for easier financial tracking; “If you deposit $260, and take $100 cash back, the transaction may show up as simply a $160 deposit,” she says. “That makes it difficult to track exactly how much money you’ve made or spent.”
However you choose to deposit your checks, convenience and security are key. Finding a reliable way to deposit and manage your money will keep you on track on your journey toward financial confidence.