Cashing Paychecks Is Old School — Get Direct Deposit
Do we really need to manually deposit our paychecks every other week?
Getting cash from a physical paycheck is inconvenient, expensive and may be hurting your ability to save toward your financial goals.
Direct Deposit, on the other hand, is quick, paperless, and easy to set up:
- keeps all that money stored in one location
- no fees to get your check cashed like you would at a check cashing store
- automatically transfer a portion of your pay to your savings account to avoid the temptation to wastefully spend - you can’t miss what you don’t see!
Many of us have used cash and checks as our accepted form of payment for so long, that it can be hard to trust any other form of payment.
To help you make the switch, here are common myths vs. facts about Direct Deposit:
MYTH: Receiving paychecks or benefit payments in the form of a paper check gives you more control over your money because you can deposit it at your bank or credit union when it is convenient for you.
FACT: According to the FDIC, with direct deposit, your money is immediately accessible, it eliminates the risk of stolen checks and forgeries, and helps protect you from identity theft.
MYTH: Switching to direct deposit is time-consuming and a hassle.
FACT: Enrolling in direct deposit is fast and easy. Just follow these simple steps:
- Go to the MoCaFi App
- Open the side menu
- Open ‘Direct Deposit’
- Give your Routing Number and Account Number to your employer or benefits provider
MYTH: People who do not have a bank account should not consider direct deposit.
FACT: If you do not have a bank account, you can download the MoCaFi App and set up your direct deposit and your money will go to your MoCaFi account.
To access your money, order your Akimbo MoCaFi Prepaid MastercardⓇ and use it wherever MastercardⓇ is accepted.
MYTH: If you use direct deposit, you will not know when your money is in your account.
FACT: Using the MoCaFi App, you can monitor the exact day and time your money is in your account. Paper checks can be lost or stolen.
MYTH: Direct deposit does not really save time because the check still must be mailed to the bank.
FACT: According to the FDIC, with direct deposit, your payment is electronically transferred to your bank account. The payment process is completely paperless.
MYTH: Direct deposit is not a trustworthy way to receive federal benefit payments.
FACT: As reported by the FDIC, direct deposit is completely reliable. You are 30 times more likely to have a problem with your federal benefit check than with your direct deposit payment.
MYTH: Direct deposit is not as safe as receiving a check because it is sent over the Internet.
FACT: According to the FDIC, direct deposit works by transferring funds directly into your account through a highly secure electronic banking system–not the Internet. It is the same system used by the world’s leading financial institutions.
MYTH: Direct deposit is expensive.
FACT: With MoCaFi, you can set up direct deposit at no cost.
Your financial life can get a whole lot easier with no cost direct deposit.
Try it at no cost with the MoCaFi Prepaid MastercardⓇ