Opting to use direct deposit instead of requesting a paper check has advantages such as convenience, security and reliability. In fact, the Social Security Administration reports that between 98 and 99 percent of its beneficiaries across all 50 states receive their benefits via direct deposit.
Customers of Wells Fargo bank also have the opportunity to take advantage of this payment method. Discover how you can set up direct deposit to make your life easier.
What Is Direct Deposit?
Direct deposit is a simple and cost-effective way for employers, government institutions and other agencies to pay you electronically using your bank account information and your bank’s ABA routing number. A routing number is a nine-digit code that identifies your bank. You can find it printed next to your account number on the bottom of your checks. Or you can ask your bank for the number.
Here’s a list of the types of payments that qualify for direct deposit:
- Paychecks from your employer
- Benefits from the federal government, including SSI, Veterans benefits, Social Security and civil service checks
- Benefits from state government agencies, such as pensions, retirement funds or unemployment checks
- Investment income, like profits from CDs, mutual funds and annuities
How to Set Up Direct Deposit with Wells Fargo
Follow the step-by-step instructions below to begin the process to set up direct deposit with Wells Fargo:
- Use Wells Fargo’s pre-filled form. Sign in to your Wells Fargo account and select the account you want the direct deposits to go in. With this method, Wells Fargo will automatically enter your account number, routing number and account type in the appropriate fields on the form.
- Fill out the form by hand. Download the blank “Direct Deposit/Automatic Payment Information Form.” Manually write in your account number, routing number and select the account type.
- Print out the completed form and give it to your payroll department or HR representative. You might have to fill out a separate direct deposit form for the organization’s records or provide a voided check to process your request, according to information on the Wells Fargo website.
- Verify the direct deposits are in effect. Log in to view your account, or set up a free alert within your account that will let you know when the first direct deposit has been posted. It might take one to two months before the process is fully completed.
With direct deposit from Wells Fargo, your money will be automatically deposited and available the same day. For any questions you might have, you can call Wells Fargo customer service, which is always available 24/7 via a toll-free call.
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