How Direct Deposit Actually Works
Would you like to enable Direct Deposit?
This is a common question employers are asking teens during the hiring process. While this question seems straightforward for seasoned employers, many teens starting their first job remain unsure how to answer the question or respond without understanding what Direct Deposit is.
For starters, Direct Deposit is a service most frequently used for payroll that allows employers to electronically transfer money into your savings or checking account. This streamlined process is a safe and secure way that eliminates the need of a tangible paycheck. Direct Deposit allows the money to go straight into your amount during every pay cycle determined by your employer. Therefore, you never need to physically deposit a check at your local provider.
Direct Deposit is a simple tool that ensures both security and reliability. Through its electronic measures, Direct Deposit provides safety, as checks can no longer be misplaced, stolen, or lost in the mail service.
While Direct Deposit offers convenience and security, it also becomes easy to loose track of your income. Some employers distribute paystubs during a pay cycle, but not all employers offer this service. Regardless of whether or not your employer offers this service, Direct Deposit is a great window for mobile banking.
With MYCVF Mobile Banking, users can view transactions and spending habits, make transactions between savings and checking accounts, deposit checks electronically and more. Touting features such as fingerprint ID, fraud recognition, and Apple Pay authentication, MYCVF Mobile provides a secure and simple application to monitor your financial account(s).
Mobile banking provides convenience while maintaining a safe, secure, and streamlined process. Monitoring your account(s) is the best way to understand finances and make informed decisions. By viewing the activity in your account(s), you can see your Direct Deposit payroll and how your income and spending habits change over time.
If you’re worried about data security, enable the fingerprint ID feature, similarly used to log-in to newer iPhone models. If you have a Catholic Vantage Financial debit card, you can opt to receive text messages, emails, or phone calls to verify your card activity. This free of charge service allows you to monitor your accounts and remain vigilant against fraud.