Open a Checking Account with Direct Deposit Bonuses

According to the FDIC, there are nearly 5,000 (and counting) federally insured banks in the US. When choosing a financial institution to handle your accounts, it’s important to consider each one’s offerings to determine which aligns best with your needs. As you research your options, it may be worth finding a bank that offers direct deposit bonuses on their checking accounts. Direct deposits can simplify your financial life and help you earn extra rewards and incentives that can make your dollar go farther.

Let’s explore what direct deposit is, the various benefits it offers, and how to set it up. We’ll also detail how you can take advantage of all the benefits offered by Laurel Road’s Loyalty Checking direct deposit bonuses.

What is direct deposit?

Direct deposit is a popular electronic payment method that allows funds to be transferred directly into your bank account. Instead of receiving a physical paycheck or cash, your employer or other payment sources can deposit your earnings directly into your account.

According to the American Payroll Association’s (APA) “Getting Paid In America” survey, 93% of US workers utilize direct deposit and take advantage of its benefits and convenience.

Benefits of direct deposit

Enrolling in direct deposit offers numerous benefits for individuals, businesses, and even the overall economy. Here are some key advantages:

Convenience and faster access to funds

Direct deposit eliminates the need to physically deposit your paycheck at a bank or credit union. With funds deposited directly into your account, you can access your money immediately on payday, without any delays or the hassle of depositing checks.

Enhanced security

Direct deposit eliminates the risk of lost or stolen checks. Since the funds are electronically transferred, there’s no need to worry about misplacing or having your physical paycheck stolen.

Cost savings

By enrolling in direct deposit, you could save on check-cashing fees charged by some financial institutions.

Rewards and bonuses

Many banks and financial institutions incentivize customers to enroll in direct deposit by offering attractive bonuses and rewards. These can include cash bonuses, increased interest rates, or even waived fees on certain accounts.

Laurel Road Loyalty Checking with direct deposit bonuses

Not all checking accounts are created equally. However, you can be confident that you are maximizing your checking account’s full potential with Laurel Road’s Loyalty Checking and its direct deposit bonuses.

Loyalty Checking members can earn cash rewards with qualifying direct deposits. You can earn a $20 cash reward for each month you make a qualifying direct deposit during the first 12 months and $10 for every month after that.¹

In addition to these benefits, you can also enjoy:

• Mobile check deposit – deposit your checks on-the-go.
• 40,000 no-fee ATMs – locate 40,000 KeyBank & All-point ATMs.²
• Sending money with Zelle® – easily send money to family & friends.³
• Secure banking – deposits are FDIC insured up to $250,000. KeyBank, N.A. Member FDIC.⁴
• Online Bill Pay ­­– pay your bills from anywhere, anytime.
• No monthly fees – no monthly maintenance fees or minimum balance requirements.

How to set up direct deposit

The steps you’ll need to take to set up direct deposit may depend on your employer, but they typically consist of the following:

Confirm your employer’s direct deposit policy

The first step is to determine if your employer offers direct deposit as a payment option. Most employers in the US provide this service, but it’s good to check with your HR department or payroll administrator to confirm their specific procedures and requirements.

Gather the necessary information

To set up direct deposit, you’ll need certain information about your bank account, such as:

Complete your employer’s direct deposit form

Many employers have a direct deposit authorization form that you need to fill out. This form collects your personal information, such as your name, address, and Social Security number, along with the bank account details mentioned above. Make sure to provide accurate information to avoid any delays or issues during the setup process.

Submit the form to your employer

Once you have completed the direct deposit form, submit it to your employer’s HR department or payroll administrator as instructed. Some companies may require you to submit the form in person, while others may have an online submission process. Follow your employer’s guidelines to ensure a smooth and timely setup.

Qualifying direct deposits

Not all deposits qualify for rewards or bonus purposes. It’s important to understand which deposits count and which ones do not. Generally, qualifying direct deposits include:

On the other hand, deposits that do not qualify as direct deposits include:

Understanding which deposits qualify for direct deposit is crucial to ensure you meet the requirements to earn any bonuses or rewards associated with direct deposit accounts. Be sure to review your employer’s direct deposit policies and consult with your banking institution if you have any questions regarding specific transactions.

Maximize your savings with direct deposit bonuses

For those looking to take control of their money and maximize their savings, direct deposit bonuses are an attractive option. By leveraging the money-saving and convenience benefits that come with direct deposit, you can access your money quickly, securely, and cost-effectively. Plus, direct deposit could help you take advantage of exclusive bonuses and rewards. Ensure that you understand your employer’s direct deposit policies and your bank’s qualifying criteria for any bonuses or rewards associated with direct deposits in order to maximize your money