What Is Direct Deposit?

A direct deposit is an electronic deposit typically made by your employer into your checking or savings account on your behalf. A direct deposit can also be made by a state or federal government agency or a retirement benefits administrator. Direct deposits consist of payments made by corporations or other organizations. At Santander Bank, electronic deposits made by an individual using online banking or an Internet payment provider do not qualify as direct deposits for purposes of meeting direct deposit transaction requirements.

Direct deposit is a convenient way for you to receive regular monthly income payments owed to you. With direct deposit there’s no need to make a trip to the bank to deposit your funds, and in some cases your funds are available sooner than if you were to receive a check. Below is all the information you need about how to get direct deposit.

 
 
 
 

How to Set up Direct Deposit

What do you need for direct deposit? To set up direct deposit into your checking or savings account, you’ll need to provide the following information to your employer, state or federal government agency, or retirement benefits agency:

  • Your name and address.
  • Your account number.
  • Santander’s routing number/transit number.
    • If your account number has 11 digits, your ABA/Routing number is 011075150.
    • If your account number has 10 digits, your ABA/Routing number is 231372691.
  • Depending on your employer or agency, you may need to provide a voided check. Be sure to clearly write VOID across the check.

Download our Direct Deposit form and provide it to the company or agency making deposits on your behalf.

 

How Does Direct Deposit Work?

Direct deposit is an electronic transfer of funds from a business or government agency into your checking or savings account. Because money is moving electronically through accounts, direct deposit is not only convenient but safe and reliable. With direct deposit, your money arrives on specified days and timeframes so your money is available when you expect it and you don’t have to worry about going to the bank to make a deposit or losing a check.

Direct Deposit Options

Depending on the employer or agency that will be making deposits on your behalf, you’ll have some options when it comes to making direct deposits. The direct deposit form they provide will indicate the choices you have. These are some of the options  that may be available to customers who opt for direct deposit:

  • You can choose to have all of your money deposited into the same account, i.e., all money going into your checking account.
  • You can choose to split the deposit between two accounts, i.e., $600 into your checking account and $300 into your savings account.
  • If your employer or agency allows it, you can even alternate deposit between accounts, i.e., a deposit coming in at the beginning of the month goes into your checking account and a deposit coming in during the middle of the month goes into your savings account.

How to Get the Most Out of Your Direct Deposit Account

Once you’ve set up direct deposit, be sure to take advantage of products like Auto Save and Alerts.

Set Up Auto Save

Pick a date each month for money to be automatically transferred from your checking account to your savings account. Pay your savings account first by choosing a date close to your direct deposit date. It’s a hassle-free way to grow your savings.

Sign Up for Alerts

Get a text or email when your direct deposit goes through, and keep tabs on your finances with a variety of alerts on statements, balances, and credit limits. Set up your alerts to customize your banking experience.

Switch Services to Santander

If you’re moving from another bank, let our Switch Services Team help you. Switch your direct deposits, bill payees, and automatic recurring payments.

 

 
 
 
 
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