Q:

What is the correct way to fill out a direct deposit form?

A:

Quick Answer

The correct way to fill out a direct deposit form includes entering the issuing bank name, card account number, the bank routing number and all other blanks on the form. Direct deposit forms can be completed online or printed out and given to a check provider or payroll department.

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Full Answer

An individual may have to get a direct deposit form from his employer or download a direct deposit authorization form from his bank. The individual should also specify if he wants his money deposited into his checking or savings account. All checklist items on the direct deposit form should be fully read and followed. Once the completed direct deposit form has been submitted, it may take a few payroll cycles before the funds are deposited directly into the individual's savings or checking account.

Depending on the bank, Social Security, pension and salary might all be eligible for direct deposit. Advantages of direct deposits include not having to go to the bank and not worrying about losing a paycheck. They are also faster than paper deposits and give immediate access to directly deposited funds. Opting for direct deposits also allows the individual to avoid check cashing and load fees. A person also gets to decide how much of the check is deposited into his checking or savings account.

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