What are the advantages of Direct Deposit?

• Easier and faster access to money

With the Direct Deposit option available, transactions become easier and faster. Direct Deposit minimizes the number of bank visits for both the Payer and the Payee. Money transferred is usually available immediately or made available on payday depending on the type of fund that is deposited. Direct Deposits are a more convenient and safer method of transferring money, as they eliminate the possibility of theft or loss of a check or cash since the deposit is carried out electronically. The use of Direct Deposit also minimizes check fraud.

• More efficient payroll process with Direct Deposit

For businesses, the use of Direct Deposit eases the payroll process, as it allows for the timely payment of salaries and/or wages, and it reduces the bookkeeping workload since no delays of cash movements occur, and money is paid directly to the employee’s bank account.

• Set up and forget

Once Direct Deposit is set-up successfully and you start seeing money coming through, you don’t have to worry about setting it up again.

• No fee to receive funds

There’s no minimum balance maintenance or fee when you set up Direct Deposit at PayPal. Some banks charge monthly fees on checking accounts, but they commonly waive the fee if you maintain a sufficient balance or receive a Direct Deposit each month.