Direct deposit is the electronic transfer of your pay to your checking or savings account at the financial institution (bank, credit union, or savings and loan) of your choice or to a U.S. Bank® AccelaPay® Visa® Card. You can deposit fixed dollar amounts to up to eight accounts (including the AccelaPay Card) and your entire net pay to your account or an AccelaPay Card. Over 80% of state employees currently use direct deposit.
What are the advantages to direct deposit?
It saves time by giving you easy access to your pay without waiting in line to cash or deposit a check.
You will receive your pay on payday, even if you are away from the office.
Banks are required to credit your account by the beginning of the workday on payday. The funds are available to you immediately.
If you deposit your pay directly into an account, the financial institution may reduce or eliminate service charges.
Direct deposits are not lost, destroyed, or stolen like paper checks or cash.
Why does the state offer direct deposit and the AccelaPay Card?
In addition to offering additional convenience and safety for state employees, the state saves money when employees use direct deposit or the AccelaPay Card. We pay less for printing pay stubs and banking direct deposits than we do for paper checks. We also save staff time in processing lost, stolen, and forged checks.
