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When you open a new credit union account, you may sign-up for various banking services, including direct deposit. Direct deposit lets you authorize specific deposits — like paychecks, Social Security checks (opens new window) and other benefits — to your account on a regular basis.
You also may pre-authorize direct withdrawals so that recurring bills — like insurance premiums, mortgages, utility bills and gym memberships — are paid automatically. According to the Federal Trade Commission (opens new window), be cautious before you pre-authorize recurring withdrawals to pay companies you aren't familiar with; funds from your bank account could be withdrawn improperly.
Monitor your bank account to make sure direct recurring payments take place and are for the right amount.
Did you know that using direct deposit is not only the best and fastest way to get your tax refund, but also an easy way to save money?
The federal tax refund is often the largest single check many people receive. It’s an opportune time to start or add to your savings. You can divide your refund into two or three additional financial accounts, including your Individual Retirement Account, or purchase up to $5,000 in U.S. Series I Savings Bonds (opens new window).
Combining direct deposit (opens new window) with IRS e-File is the fastest way to receive your refund. IRS issues more than 9 out of 10 refunds in less than 21 days. You can track your refund using the IRS’s Where’s My Refund? (opens new window) tool.