I'm thinking of getting paid through direct deposit with my job? Are there any flaws?
Megan: Not really. The money goes straight into your account, so you don't have to worry about getting to the bank to deposit it or cash it. This also allows you to set up automatic payments and transfers and not have to worry about the money being there in time, since it is done automatically, even if you are out of town.
If you want cash, you can always get it from the ATM when it is convenient or stop by a branch if you need other amounts.
You also won't have to worry about paychecks bouncing when you cash them (if your company is small or you have had problems with this). Banks also consider direct deposit a major strength when evaluating you account relationship with them when making decisions (such as deciding whether or not they need to hold funds when depositing a large check).
As far as cons, I really can't think of any right now.
No. Any decent employer will use direct deposit. The only issue I can think of is whether or not you get a hard or soft copy of the pay stub – that 's personal preference.
The only reason I can see for not having a direct deposit is that you do not have a checking or savings account (which would seem to be dumb). Why would you want to be given a check that you have to take to your bank, rather than have your employer automatically put your pay in your bank account?