Valley Updates

Why Use Direct Deposit?

Many have access to a great financial management tool in direct deposit—where your
pay is deposited directly into the account or accounts you choose.

It’s Convenient. Having your pay deposited directly into your account eliminates the
need for you to visit a branch location to deposit your paper check. It also makes it
easier for people who work during hours that the credit union isn’t open to gain access
to their funds. Pioneer Valley also makes members’ paychecks available 24 hours
sooner when it is directly deposited into their accounts. You’ll also always get your pay
on payday, whether you are on vacation, out sick, or working in another location.

It’s More Secure. Without the need for a paper check, there is no risk of losing it. It also
offers better protection from identity theft, which can be a risk if someone steals a check
or finds a check that you lost.

It’s Environmentally Friendly. Using direct deposit is better for the environment
because less paper checks are printed. According to a study by PayItGreen Alliance, if
a business that employees 300 people and issues paychecks every two weeks switches
its employees to direct deposit, the company would in one year: save 121 pounds of
paper, avoid the release of 1,159 gallons of wastewater, and eliminate the release of
346 pounds of greenhouse gases into the atmosphere. The total environmental impact
for that company would be equivalent to not driving 1,231 miles in a car, preserving 151
square feet of forest and planting 15 trees and growing them for 10 years.

It Can Help You Save. Using direct deposit to set aside even small amounts of money
in a separate savings or money market account can help you reach your savings goals.
Pioneer Valley can help you set aside funds in the right account for your individual
savings goal—you can even name your account something unique or label what your
savings is for. The funds will go directly into the account—set it and forget it!

Switch to direct deposit with Pioneer Valley Credit Union today!