An astounding 82 percent of U.S. workers get paid via direct deposit, according to a 2016 survey conducted on behalf of The Electronic Payments Association. Employees reported being satisfied with this method of payment because it helps them take better control of their finances. Read on to learn how direct deposit works with your Chase checking or savings account to help you manage your money.
What Is Direct Deposit?
Direct deposit is a convenient way to automatically deposit paychecks and other forms of income into your checking or savings account, eliminating the need for paper checks. The following types of payments qualify for direct deposit:
- Payroll checks from your place of employment
- Payments for veterans benefits, Social Security, Supplemental Security Income, Railroad Retirement and other federal benefits
- Benefit payments issued by state governments for pensions, retirement and unemployment
- Investment income from certificates of deposit, annuities and mutual funds
How to Set Up Direct Deposit With Chase Bank
Follow these step-by-step instructions to set up direct deposit with Chase:
- Download and fill out the direct deposit form. You’ll need your Chase Bank account number, the bank’s routing number and your current address.
- Bring the form and a voided check to your employer’s payroll department.
- Wait for your employer to deposit your paycheck into your bank account.
- Check your monthly paper statement or log in to your account online to verify that the deposit was made.
What Are the Benefits of Direct Deposit?
You’ll enjoy several benefits when you take advantage of direct deposits with Chase, including:
- No more driving to the bank to deposit checks and waiting for checks to clear
- Eliminates the risk of lost and stolen checks
- Lets you manage your money from wherever you are
- Potential early access to your funds
Keep Reading: 20 Perks of Direct Deposit
Chase Bank Direct Deposit FAQs
Here are answers to some frequently asked questions about Chase direct deposit:
- How soon after applying does direct deposit start? Although it is different for each employer, Chase lists two pay cycles as the average time before the direct deposit kicks in.
- How long does it take for a Chase Bank direct deposit to clear? Direct-deposit funds are available on payday.
- Does Chase process direct deposits on weekends? Chase, like all banks, must make your deposit available by the day after it receives the funds. You can expect direct deposits your employer initiates on Saturday and Sunday to post to your account on Monday.