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Conveniences

For information on the following conveniences please contact us at
(800) 788-9479 or (307) 324-1100

ATM Cards

Debit Cards

Automatic Loan Payments

Safe Deposit Boxes

Wire Transfers

Cashier Checks

Money Orders

ACH Origination

 

Most people who receive Social Security do not get a check. They use Direct Deposit and you should consider using it too.

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What is Direct Deposit?

With Direct Deposit, your Social Security or Supplemental Security Income payments are sent directly to your bank account. Payments are sent electronically, which eliminates the need to print and mail checks. Your money is in your account and available to you at the opening of business on the payment date.

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How Do You Sign Up?

Just contact your financial institution or Social Security. Please be sure to have your bank statement or personal check handy, as well as your Social Security number. Your bank or Social Security representative will need information from these documents to start you on Direct Deposit.

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What Happens Then?

Within 30 to 60 days, your payments will start going directly into your account. We will send you a letter to tell you when your Direct Deposit payments will begin. It is that easy!

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Why Should You Use Direct Deposit?

Social Security makes its payments by Direct Deposit because they want you to have your money safely and on time. We have been making payments by Direct Deposit since 1976, and these years of experience have shown that payments by Direct Deposit are much safer and more reliable than payments by check.

In addition, Direct Deposit saves Social Security money because there are virtually no lost, stolen, or misplaced payments to track down and replace. And, it saves 40 cents in printing and mailing costs every time a payment goes by Direct Deposit instead of by check. This money remains in the Social Security Trust Fund and is available for future payments.

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What If You Do Not Have a Bank Account?

If you do not have a bank account, you might want to consider opening one now, so that you do not miss out on the advantages of Direct Deposit.

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Some Financial Institutions

May give you free checking or savings account when you use Direct Deposit. Some may pay you interest on your account. Be sure to compare the services in your area. Today, Direct Deposit is the way Social Security makes payments to people with bank accounts. The Government's goal is to make most payments by Direct Deposit or other electronic methods.

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Remember

It is still important to notify your local Social Security Office of an address change so that you will receive important information about your payments. Your benefits could be stopped temporarily if Social Security cannot locate you because you have not reported a change of address.

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You've automated your systems, updated your product, and calculated your profit ... But you don't offer Direct Deposit? Businesses both large and small face the toughest market in history. If a business is to survive, it must be competitive. This means a more creative and efficient approach. It means making the most of valuable resources--your employees and your profits. Direct Deposit can help you maximize both. Direct Deposit is a unique employee benefit that offers convenience, reliability and security while saving you money.

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How Can Direct Deposit Maximize My Profits?

Simple. Direct Deposit is a more efficient and cost effective method of distributing your payroll. Estimates show that businesses utilizing Direct Deposit can cut their payroll production and distribution costs by as much as 50 percent depending on the level of participation. These estimates do not even account for the productivity savings by keeping employees in the office and limiting unnecessary trips to their financial institutions.

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How Does Direct Deposit Work? Why Is It So Much More Cost Effective?

Direct Deposit allows you to deposit your employees' pay automatically into their accounts via the Automated Clearing House (ACH) network. Employees complete a form authorizing you to make payroll deposits into their checking or savings accounts. At the end of the pay period, the necessary payroll information is transferred electronically (by phone, computer or magnetic tape) to your financial institution which pulls the records for its accounts and forwards the remainder of the transactions to the ACH network. The ACH sorts the records and distributes them to the appropriate financial institutions. Your employees' accounts are credited with their payroll amounts on payday. Because this process is completed electronically, it is less expensive than traditional payroll processing.

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How Reliable Is Direct Deposit?

Direct Deposit is more reliable than traditional payroll methods. Paychecks issued to employees can be lost or stolen creating stop payment and account reconcilement problems for you. With Direct Deposit, these problems are eliminated.

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Will I Lose Float?

 

You may, but the money saved by streamlining your administrative process, eliminating the burden of tracing lost and stolen checks and keeping your employees in the office will compensate for any loss of float.

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Will My Employees Want Direct Deposit?

Absolutely. A large percentage of businesses already offer this benefit to their employees. Studies have shown that Direct Deposit is widely accepted by employees. In fact, some employers report participation rates as high as 80 percent.

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How Much Of An Investment Is Necessary To Convert Our Current System To Direct Deposit?

Conversion expenses have to be estimated on a case by case basis. We can work with your payroll department to determine the cost. Again, conversion costs will be quickly compensated for by the money you will save.

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How Can I Find Out More About Direct Deposit?

Simply call us at:

  • Rawlins Main Branch (800) 788-9479 or (307) 324-1100
  • Rawlins East Branch (307) 321-1180
  • Saratoga Branch (866) 423-2121 or (307) 326-8314
  • Hanna Branch (307) 325-9007
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Many companies and charitable / nonprofit organizations have begun to offer their customers and donors a new automated payment option called Direct Payment.

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What is Direct Payment?

Direct payment is an efficient electronic payment alternative to paper checks.  When you use direct payment, you authorize a company to electronically collect a pre-authorized amount from your checking or savings account to pay a bill or donation/pledge.  So instead of writing a check every month, your bank will automatically make the payment on a predetermined date for you.  It's that simple.

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Why Use Direct Payment?

Consumers and companies both benefit from direct deposit.As a consumer, you'll save time preparing payments, save money on postage and check fees, improve your budgeting, eliminate the chance of a late payment and save time balancing your bank statement. Companies benefit by processing payments more efficiently and crediting them to your account quicker.  In some cases, companies can even reduce their operating costs.

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How do I Get Started and Sign Up for Direct Payment?

It's easy. If a company offers you a direct payment option, all you need to do is provide them with a written authorization to collect money from your account to cover the cost of the payment. You may also be asked to provide a voided check from your bank account. Many companies will provide you with an authorization form for you to sign and return.

TIP: Keep a copy of the written authorization for your records.

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How Are My Bills / Donations Paid?

On the predetermined due date, the companies bank will instruct your bank to deduct the amount from your account. Your bank then withdraws that amount and forwards it electronically to the companies bank for credit to their account.

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How Can I Be Sure A Payment was Deducted from My Account?

The payment will be shown on your monthly account statement from the bank.  The statement will indicate the payment date and amount, and the company that received the payment.

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Will I Receive a Payment Notice from the Company Each Month?

If the payment varies or changes, the company or your bank must mail you, at least 10 days before the scheduled payment date, a written notice of the new amount and the date of payment.

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Can I Stop a Payment?

Yes - Simply notify your bank, either orally or in writing, up to three business days before the scheduled payment date. If you call your bank, you may also be required to provide a written request within 14 days.   Some banks may charge a fee for each stop-payment. As a courtesy, you may also want to inform the company you are stopping payment.

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What if the Amount on the Payment Notice from the Company is Incorrect?

Contact the company immediately. If the company verifies the amount, and you still feel it is incorrect, call the bank to stop the payment before it is posted to your account.

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What if There is a Discrepancy Between my Bank Account Statement and the Payment Notice I received from the Company?

Notify your bank immediately. You have up to 60 days from your account statement date to notify your bank in person, by telephone or in writing of an unauthorized payment or an incorrect payment amount.  If you notify your bank in person or by telephone, you may also be required to provide a written confirmation within 10 days. If you notify your bank within the 60 day time period, you should receive credit for any unauthorized or incorrect payments. If the bank needs more than 10 business days to investigate and resolve the matter, it must return the amount in question to your account during the investigation.

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How do I Discontinue my Direct Payment Arrangements with a Company?

You must send a written request to the company if you no longer want to pay your bill/donation with direct payment.

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With Direct Payment, Can the Company Obtain Confidential Information About Me?

No - The only information available to the company is on the authorization form you signed to begin direct payment. Companies do not have access to your account balance or any other information about you maintained by the bank.

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The above questions and answers are based on the Federal Reserve Bank's Regulation E, which governs electronic fund transfers.  Some transactions, including wire transfers and the sale and purchase of securities and commodities, are not governed by Regulation E.

 

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