Like HowStuffWorks on Facebook!

5 Tips on Making the Switch from Paper to Online Banking


5
Use Direct Deposit
Direct deposit payments from your employer to your bank cuts out piles of paper, and your funds are usually available much faster.
Direct deposit payments from your employer to your bank cuts out piles of paper, and your funds are usually available much faster.
iStockphoto/Thinkstock

If your employer offers direct-deposit payment, take advantage of it. Getting paid with paper checks usually means waiting to receive them; waiting to clock out so you can drive to the bank; waiting in line at a drive-thru, ATM or teller station; and waiting for the check to clear if deposited during off hours. Then, you have a paper pay stub that may or may not make its way into a file. It's more likely to pile up in a stack of folded paper somewhere in your house, car, purse or work bag until you throw it in a box or drawer with other scraps and duplicates -- all printed with your personal information, including Social Security number, employee number and other valuable data.

Receiving payments direct from a company to your bank cuts out trips to the bank and piles of paper, and you will know exactly when your funds are available -- usually must faster than the other method. Most direct deposit arrangements work pretty flawlessly. You can almost always use your preferred bank and can check online to confirm deposit information, track pay each month and over the year, and have access to all records in one place without waiting for payroll to provide the info.

And if you're not ready to give up on paper entirely, often you can still opt to receive a deposit receipt or pay stub by mail or electronically by e-mail. Direct deposit receipts usually contain a lot less personal information than traditional ones, so they tend to be less of a security risk. Opting out of paper altogether is an option when you're ready.


More to Explore