direct deposit

direct
DEPOSIT

Most of us have accidentally lost a paycheck, through carelessness, a mail glitch or pair of uninspected pants tossed too quickly in the laundry. Or maybe it's not easy getting to the bank to deposit your retirement check. There is an increasingly popular solution to the problem with checks: Direct Deposit.

BENEFITS OF DIRECT DEPOSIT

There are no checks to be lost or stolen.
Payments reach your account the day check issued-- even if you are out of town, sick or unable to get to
Lake Elmo Bank.
Lake Elmo Bank offers free or lower-cost checking accounts for customers.
Direct deposit can help you avoid bouncing checks because the deposit is direct and on time.
It can save you trips to the bank and help you avoid long lines at tellers or ATM's.

More than half of Federal tax refunds are received through Direct Deposit. And close to 80 percent receive their Social Security benefits through Direct Deposit.

HOW DIRECT DEPOSIT WORKS

Sign Up
Complete an enrollment form to authorize a company to make a Direct Deposit into one or more of your accounts. Authorization forms may vary slightly from company to company, but the required information is the same. We have authorization forms for a new direct deposit, changes or cancellation forms on an existing set-up on our website under "Resources & Tools" then "Notice of Change Forms"

Social Security Direct Deposit
A Lake Elmo Bank Personal Banker can help you sign up for Direct Deposit, or you can sign-up online by clicking here, or contact Social Security's toll-free number at 1-800-325-0778. For changes to account information you should contact the Social Security office.

Test
The company making the Direct Deposit may perform a test run with no collar amount to make sure the account numbers have been recorded correctly.

Process
The company processes the payment by Direct Deposit- in banking terms, this is known as an ACH transaction.

Post
Lake Elmo Bank credits your account and the transaction is reported on your monthly statement.

Confirm and Verify
The company will provide a paper or electronic confirmation of the Direct Deposit. This will confirm the date of the deposit and will include deductions and the net payment amount. If you want further information or a confirmation of your deposit give us a call or go online, as you would for any banking transaction.

When you sign up for any type of direct deposit, you can expect your benefit to be deposited to your account within 30 to 60 days. The company will usually contact you when you can expect your Direct Deposit in your bank account.

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