Direct Deposit & Direct Payments - Make your life easier

Direct Deposit

Athol Savings Bank encourages customers to have their payroll or government checks electronically deposited into their account and enjoy the benefit of not having to stand in line in the bank lobby to cash their checks.

Why should you use Direct Deposit?

Direct Deposit is safe and confidential.

• Worries about lost, stolen or misplaced checks are a thing of the past with direct deposit.
• Direct Deposit is more confidential. A check passes through many more hands than an electronic transfer.
• Problems, which are rare, are quickly resolved. By contrast, problems with checks may take much longer to correct, sometimes up to three weeks.

Direct Deposit is convenient and saves you time.

• There is no need to arrange for a special deposit or trip to the bank - a real convenience when you are away from home on vacation or business. And, combined with an Athol Savings Bank ATM or MasterMoney® ATM Card, your money can be accessed from any ATM, anytime.

Direct Deposit is fast.

• Direct Deposit gives many people access to their payments one to four days earlier than a check. There is no waiting for a check to clear. Your money is available to use once the electronic transfer is complete...with direct deposit your money is ready to use on the day of transfer.
• Receive your tax refunds quicker by having them direct deposited.

Direct Deposit is reliable.

• Direct deposit puts money in your account on time, every time. There is no "check-hold" delay; nothing to get lost.

Any ongoing, regular payment is eligible for direct deposit including:

• Payroll checks
• Benefit checks from the Federal government
• Benefits checks from the State government
• Pension payments
• Investment income payments
• Annuities

Many one-time payments may be eligible too, such as:

• Bonuses
• Vendor Payments
• Travel Expense Settlements
• Tax Refunds

Direct Payment

Athol Savings Bank encourages customers to have their bills electronically withdrawn from their account and enjoy the benefit of not having to spend time writing checks & mailing payments.

Why should you use Direct Payment?

Direct Payment simplifies your life by taking the hassle out of paying your bills.

• Most people spend the equivalent of three days a year paying bills. Direct Payment saves you that time.
• Paying bills with checks can be a big hassle. For each bill, you have to write a check, address an envelope, find a stamp and remember to do it all in time to avoid late fees. Direct Payment spares you that hassle.
• Since Direct Payments are made automatically, you don't have to be in town to pay your bills. This is perfect if you travel on business or go on a vacation.

Direct Payment saves you money.

• According to NACHA: The Electronic Payments Association, an average family receives 20 bills each month. At this rate, postage alone costs each family almost $85 a year. Checks can easily cost another $30 a year.
• Mailing a payment just a few days late may result in late fees of as much as $30 per payment. Using Direct Payment can reduce late fees, while helping to protect your credit rating. About 35 percent of the Fair, Issac credit risk score (FICO®) - that is used by banks and other lenders - is based on payment history that includes details on both timely payments and late or missed payments.
• Many billers such as utilities, health clubs and insurance companies now provide financial incentives - from interest rate reductions to free gifts - to encourage consumers to take advantage of their Direct Payment programs. Contact billers in your area to see what incentives they may offer.
• People who use Direct Payment to save or invest automatically may save almost $140 a month more than those who do not, according to a recent national poll. Over 10 years, at a six percent rate of return, Direct Payment users are saving an additional $22,857. The poll found that 93 percent of those who use Direct Payment to save or invest consider it a valuable financial tool.

Direct Payment is reliable, accurate, on time and confidential.

• Direct Payment is similar to Direct Deposit. Both have been around for more than 25 years and use the same network. In 2000, 1.5 billion Direct Payments were processed through the ACH Network (NACHA).
• Each Direct Payment is deducted from your account on the due date each month so it is easy to track. In contrast, you never know when checks are going to be deducted from your account.
• Few people see Direct Payments. They are confidential transactions. A check passes through many hands as it is processed.
• Direct Payments can never be lost or delayed in the mail.

Direct Payment gives you greater control over your finances and provides the record keeping you need.

• With Direct Payment, you know the exact payment date and amount well ahead of time.
• With Direct Payment, you always have a record. Each bill that is paid automatically from your bank account is listed in your monthly bank statement.
• With Direct Payment, consumers have the right to stop or reverse a payment they believe they did not authorize or is in error.
• With Direct Payment, it is easy to invest and save your money consistently.

Direct Payment can be used for many types of recurring payments, including:

• Mortgage
• Investments & Saving Plans
• Insurance
• Car Loans
• Health Clubs
• Newspaper/Magazine Subscriptions
• Donations and Contributions to Non-Profits
• Utilities
• Cable TV
• Credit Cards

When setting up Direct Deposit you will need to provide your Account Number and Athol Savings Bank's Routing Number - 2113 7099 8