Save $90 a month
And other benefits of direct deposit
[Jan. 22, 2008]
What’s the easiest way to save an extra $90 per month? Skip lunch for two weeks? Throw a $1 into a jar each time you watch another "Lost" rerun?
Nope. The answer is direct deposit.
A study by the Electronic Payments Association found that people who use direct deposit for their paycheck and other regular deposits increase their savings balances by nearly $90 a month. Direct deposit is safer, too, reducing the threat of identity theft by depositing your paycheck or benefits check directly into your account.
And what could be "greener" than direct deposit? Checks from your employer or government office are deposited electronically into your STCU account without the need to pulp trees for paper or burn fuel to transport checks to your mailbox or workplace.
What else do you know about direct deposit? Take the direct deposit quiz below to see how your answers compare with the rest of America. (Answers found at the bottom.)
Direct deposit quiz
1. What percentage of baby boomers say they receive their paycheck by paper check?
a. 25%
b. 40%
c. 60%
d. 90%
2. What percentage of consumers say they have had a check, document, or large sum of cash lost or stolen?
a. 10%
b. 20%
c. 31%
d. 71%
3. Of this group, how many said a family member or member of the household had stolen the cash, check, or document?
a. 50%
b. 20%
c. 5%
d. none
4. What percentage of Americans say they've been the victim of identity theft, or know someone who has been a victim?
a. One out of 10
b. Two out of 10
c. Three out of 10
d. Four out of 10
5. Only 20 percent of all Social Security and Supplemental Security Income payments currently use paper checks, but these account for what percent of reported payment problems?
a. 10%
b. 25%
c. 75%
d. 90%
6. What percentage of Americans still believe that paper checks offer superior protection from identity theft or fraud?
a. 5%
b. 20%
c. 75%
d. 90%
Source: U.S. Department of Treasury and Federal Reserve Bank. With the number of
identity theft cases on the rise, it's wise to sign up for
direct deposit. Direct deposit is a secure and convenient way to deposit your paycheck or to receive Social Security and other federal benefits right into your secure account.
Ask your employer for a direct deposit form or visit STCU to learn more.
For information about using direct deposit for Social Security and other federal benefits, visit Go Direct or call (800) 333-1795.
Quiz answers: 1a: 25%; 2c: 31%; 3b: 20%; 4d: Four out of 10; 5d: 90%; 6b. 20%.
