Managing your finances can feel complicated, from depositing paychecks and paying bills to transferring funds and managing your account balances. But not everything requires a manual process. Two simple tools can help streamline your financial life, save time, and reduce stress: they are direct deposit and online bill pay.
Here's what to know about each online banking feature and how to use them to manage your money more easily.
What is Direct Deposit?
Many employers offer direct deposit as a way to pay employees without having to issue paper checks. That means you don't have to worry about heading to a branch to deposit your paycheck and risk losing it along the way. Instead, your funds are deposited right into your chosen checking account on your normal payday. Once set up, it takes zero effort on your end and helps you get paid faster than dealing with paper checks.
Benefits of Direct Deposit
Enrolling in direct deposit comes with several advantages, including:
● Receive your paycheck automatically each payday
● Lower the risk of lost or stolen paychecks
● Get paid no matter where you are
How to Set Up Direct Deposit
Taking care of your direct deposit setup is easy. You can conveniently switch your direct deposit yourself with just a few steps:
Log in to Digital Banking from OpenlandCU.com or in the Openland Mobile Banking app.
In the menu, navigate to "Add/Switch Direct Deposit."
Search for and select your employer, payroll system, or benefits provider. If you can't find your employer by name, you may need to search for your payroll provider instead.
Log in to your employee or benefits account and confirm your paycheck distribution.
If you cannot find your employer or payroll provider from the list, contact us or access our Direct Deposit Form to switch. If your employer’s HR department requires additional paperwork, then fill out your checking account number and credit union routing number. Submit the form, then wait for those paychecks to start hitting your account. It could take a couple of pay cycles before the change happens, so talk to your employer about what timing to expect.
What is Online Bill Pay?
Online bill pay is another digital banking feature that helps make your life simpler. Instead of manually paying your bills each month, Openland sends payments from your selected account on your behalf. It can be used for both one-time payments or recurring ones.
Benefits of Bill Pay
Here's how online bill pay can simplify your finances:
● Avoid missed payments by scheduling recurring bills
● Skip having to write checks and send mail
● Track your bills in one online location
How to Use Bill Pay
Log into your online dashboard and head to the bill pay area. From there, you can add payees, along with the bill due date, the method of payment, and the amount. Openland can either pay electronically from your account or even send a check on your behalf.
Streamline Your Finances with Digital Banking
Combining both direct deposit and online bill pay takes two major responsibilities off your plate: depositing your checks and ensuring your bills are paid on time. You'll notice better cash flow when your paycheck hits your account right away on payday and you'll save time by not having to manually pay every bill that comes through your door.
Ready to get started? Connect your accounts to Openland's online banking perks today.
