Life in the Easy Lane with Direct Deposit and Direct Payment via ACH and PayItGreen

The following post comes from the America Saves Blog. Find them on Twitter and Facebook.

By Julie Welch, Senior Director, Marketing Communications, NACHA – The Electronic Payments Association

Life seems to move at lightning speed these days. We’re all in the fast lane of life but how can we stay ahead of the game and manage our finances while moving at this accelerated rate? The answer is as simple as shifting into the easy lane via ACH. Just make sure all your payments are made with Direct Deposit and Direct Payment via ACH and you’ll find new ways to enjoy the time and money you save.

Life seems to move at lightning speed these days. We’re all in the fast lane of life but how can we stay ahead of the game and manage our finances while moving at this accelerated rate? The answer is as simple as shifting into the easy lane via ACH. Just make sure all your payments are made with Direct Deposit and Direct Payment via ACH and you’ll find new ways to enjoy the time and money you save.

You’ve heard of Direct Deposit but did you know that you can pay all your bills with Direct Payment via ACH? It’s easy. Let a visit to Let a visit to www.electronicpayments.org and www.payitgreen.org show you ways you can save time, money, manage your financial well-being and save the environment all at the same time.  

  • Save the cost of stamps
  • Save time by setting up auto-pay accounts with utilities
  • Save the earth’s resources by switching from paper checks to electronic payments
  • Save gasoline by not having to drive to your bank or credit union as often

And did you know?

  • The average consumer saves 2.5 minutes per bill when paying electronically instead of with a check (source: Fiserv). The costs of postage and check stock add up to more than $100 per year that consumers can save by making payments electronically, instead of by paper check.
  • Almost 85% of identity theft cases are due to "offline" transactions, lost checkbooks and stolen bills, statements, and check payments (source: Javelin Strategy & Research). Credit scores are significantly increased when a consumer receives payments by Direct Deposit and uses Direct Payment to pay recurring monthly bills and/or save and invest automatically.
  • Consumers reduce piles of paper and clutter when they receive electronic bills and statements. Personal electronic files can be set to automatically organize incoming bills and statements.
  • Consumers receiving electronic bills and statements and making payments electronically can maintain tighter control over accounts in real-time, and are more likely to discover attempted fraud. 

How do you get started? Simply visit www.electronicpayments.org or www.payitgreen.org. These resources will empower you to make the necessary changes to help you manage your finances more effectively. Step into the easy lane and celebrate!

EDITOR'S NOTE: For those serving in the military, myPay is a direct deposit option to also consider as it allows you to use one (or more) of your six discretionary allotments to automatically transfer funds monthly from your into a savings account. For additional information, visit the myPay website at https://mypay.dfas.mil/mypay.aspx.

Tip of the Day

  • Written by Guest Blogger | March 7, 2014

    Make sure your financial advisor’s title is accredited, and that he/she is qualified through a training program that holds its members to strict ethical standards.

Saver Stories View all »

Setting a Goal Leads to Success

Written by Super User | May 24, 2019

Growing up, Marisa’s dad had always talked about saving first, but she said she didn’t really internalize it until much later. “I was drifting along with no plan, carrying a little bit of revolving debt, saving some money here and there, but without a real plan for it.”

Read more...

How Smart Financial Decisions Can Create Opportunities 

Written by | November 22, 2019

Written by Stephen Ross, America Saves Program Coordinator | November 22, 2019

Of the many stories Military Saves shares, most describe how someone was in dire straits financially and worked their way out of it with the help of Military Saves. This time we want to highlight a different kind of story. This is a story about how responsible financial decisions can build on one another to create opportunities you thought only the super-rich enjoy.

Read more...

Making Saving Automatic Leads to Personal Success

Written by Lila Quintiliani | May 27, 2020

Ryan’s savings journey started when he was an active duty airman. Frequent deployments and temporary duty assignments gave him the opportunity to save. By the time he transitioned out of active duty, he had built up a healthy rainy-day fund and had started to aggressively save for retirement.

Read more...