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Direct Deposit
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If you haven’t switched your paycheck over to direct deposit, you should. 

With direct deposit, your employer (or the government for tax refunds and benefit checks) deposits your paycheck directly into your bank or credit union account(s) thus bypassing the middleman—you. There are many benefits to choosing direct deposit including:

1. You get your money sooner. A direct deposit is processed as an Electronic Funds Transfer (EFT) and you don’t have to wait for your check to arrive by mail or clear with the bank. Yes, payroll checks typically clear quickly, but direct deposits are instantaneous. If you are living paycheck to paycheck (or even if you’re not) having access to your full income a day or so earlier can make a big difference.

2. Your check is safer. When you get paid by check, you run the risk (however slight) that the check may get lost in or stolen from the mail. Perhaps more likely, your check may get lost in your home. With direct deposit, you never have to worry about handling or losing your paycheck.

3. You save a trip to the bank or credit union. Going to the bank or credit union can be an extra errand. If you can’t or don’t want to make deposits at the night deposit box, you have to visit during business hours. For those who work full-time, this can be challenging. Using direct deposit cuts down on how many visits you have to make.

4. You qualify for free checking and free checks. At TCT, all of our checking accounts are free. Whereas some banks require direct deposit in order to avoid a monthly fee or minimum balance requirement, at TCT we have no minimum balance requirement or monthly fee on any of our accounts. Plus, TCT offers free reorders of checks as long as you have full direct deposit into your TCT accounts.

5. You can allocate your check directly to multiple accounts. With direct deposit, you can control how much of your check goes into each of your accounts. This makes saving money easier because you can allocate a certain amount of your paycheck to be deposited directly into savings without you even seeing the money. Automating your savings makes you more likely to save.

6. Your money is still deposited if you are unavailable. If you are out sick or on vacation, you don’t have to worry about picking up your check or getting to the credit union to deposit it. You will have access to your funds regardless.

7. Paying bills online is easier. With your deposits automated through direct deposit, you can better automate your bills because you know exactly when the money will be in your account. Automatic bill pay makes sure your bills are always paid on time and saves you on postage.

Now that you’re convinced, contact your employer’s human resources or payroll department to set up your direct deposit. All you’ll need is a voided check (or your bank or credit union’s routing number and your account number). For your convenience, TCT has provided a direct deposit form that you can present to your employer’s human resources or payroll department.


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“We cannot say enough good things about TCT and the ease of doing business. Everyone is always happy to help and willing to go the extra mile to resolve any issues. Online Banking is critical to our organization as it allows us to monitor our account with convenience. We have had issues in the past with other banks and fraud. We are able to be at ease knowing that TCT is watching over the money that our girls work so hard to raise. The TCT Staff is great at reaching out to us just to make sure all is well. Great Customer Service goes a long way. Thank You TCT.”

— Cambridge Youth Cheer

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