$#!7 Adults Should Know #1 (and if you don't, the adults in your life failed you):
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Banking: Direct Deposit
Direct Deposit means money is being sent into your account electronically.
What you need to set it up: the routing number and your account number, aka. the MICR number.
FAQ:
1) Does direct deposit (for employment) begin immediately?
Not usually. How many billing cycles/pay periods it takes depends on your employer. Check with them for the process.
2) What's a routing number? The number used to identify the bank/credit union, aka. financial institution (FI).
3) Where do I find my account/MICR number and the routing number?
There are a few ways; when you open a checking account, they send you checks (they're good to hold on to even if you don't plan to use them).
At the bottom of a check, you'll see 3 numbers: (usually) to the left is the routing number, in the middle is the MICR number (which is 14 digits long), to the right is the check number, which has the fewest digits.
If you don't have checks, the routing number can be found (usually) at the bottom of a FI's website.
If you use online banking (OLB), you can use the same login credentials in the FI's mobile app, if they have one.
The MICR and/or the routing number(s) can be found in the "Account Details," which can (usually) be accessed either by double tapping the account in the dashboard and/or by tapping the three dots or hamburger lines next to it.
If you're on a browser, the view will adjust depending on whether you are using a desktop/laptop or viewing it in a browser app on a mobile. Unless you can change the mobile view to a desktop view, you might need to play around with it.
Generally, you should be able to access the "Account Details," or something along those lines, in a similar manner to how you would on the app (the difference being you click instead of tap (unless you have a touch screen)).
If you don't have access to any of the above, you MIGHT be able to call your FI to get your MICR number. For security purposes, and for your protection, not all FIs provide it over the phone.
If push comes to shove, you may have to visit a branch location of your FI, unless they can mail it to you.
But you can always call in for the routing number.
4) Once direct deposit is set up, how long does it take for the money to get into my account after it's sent?
Usually, one business day, but it depends on where the money is coming from. It could take longer.
Note: business days do NOT include weekends nor holidays.
So, if it does take one business day, and they send it on Friday, the money would not reach your account until Monday (unless it's a holiday), but it might show as a pending transaction.
If the direct deposit is for your paychecks, ask your employer, if they haven't already told you, what day, or days, you are to be paid, then you'll know what day your pay will be sent.
Now, if payday falls ON a weekend, SOME employers have it set up so you'll receive your pay the Friday before. Ask your employer for details.
5) "If it's being sent electronically, why isn't it deposited immediately?"
"Electronic" means "of, relating to, or controlled by computers or computerized systems".
"Electronically" means "involving or concerned with the representation, storage, or transmission of information by electronic systems".
Where, in either definition, are the words "immediate" or "immediately"?
The REAL question is, why wasn't "direct deposit" designed to be immediate?
I would also ask how the expectation of immediacy came about.
These were all the questions and answers I could think of regarding direct deposit.
You'd be surprised how many people don't know these things; I found it distressing, so I made this thread.
If you have anything else, feel free to add it!
I hope this helps!
Thank you for reading.
May every decision you make in the future be in the spirit of fairness, and may the rest of your day NOT go to $#!7.
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