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We're the Consumer Financial Protection Bureau (CFPB), a U.S. government agency that makes sure banks, lenders, and other financial companies treat you fairly.

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Should I enroll in direct deposit?

Answer:

You should check into whether your employer offers direct deposit and how it would work for you. Direct deposit is usually safer and faster than getting a paper check or cash.

Some employers or payroll processing services will process direct deposits so that the funds are available on payday. Ask your employer about its policies. Generally, if you receive your pay through direct deposit, your funds will be available to withdraw at least as soon as if you had deposited a paper check, and often sooner.

Direct deposit may also enable you to avoid monthly maintenance fees on a checking account without maintaining a minimum monthly balance. In addition, direct deposit programs often enable employees to designate a portion of deposited funds for savings so you can save automatically with each paycheck.

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The content on this page provides general consumer information. It is not legal advice or regulatory guidance. The CFPB updates this information periodically. This information may include links or references to third-party resources or content. We do not endorse the third-party or guarantee the accuracy of this third-party information. There may be other resources that also serve your needs.