Researches has shown the benefits of focusing on one task at a time. In fact, every time you multitask, you open yourself up to doing both tasks poorly. Plus, breaking away from the task at hand to answer a text, call, or email, makes it harder to get back in the groove, harming productivity. Okay, what does this have to do with checking accounts with direct deposit? It’s the exception to the rule. It proves doing two things at once is a good thing. Let us explain.
The Pros of Checking Accounts
Checking accounts are great on their own. Use one as a source of funds when transferring money electronically to friends and family and paying bills online. You can write and send physical checks. Having a checking account makes it easy to track your bills and spending. You typically don’t need a large amount to open a checking account. And many checking accounts pay interest.
The Pros of Direct Deposit
When you enroll in direct deposit you save time. No more having to go to the bank to deposit a check. So, there’s no fear of losing a paycheck. You don’t have to be in the office to get paid. Let’s say you’ve taken the day off on payday. No problem. Your paycheck gets deposited while you’re enjoying much-earned PTO. Plus, generally, you don’t have to wait for the check to clear.
You control where your deposit goes. You can allocate some of your paycheck to your checking account, assign an amount to your savings account, Holiday Club account, or even a second checking account
Do Two Things at Once: Checking with Direct Deposit.
A Checking account with Direct Deposit is filled with positives. It’s safe, reliable, and saves you time you could spend on things that matter to you. And it opens the door to wonderful benefits.
- Farmers employees get paid up to two business days early*
- 0.50% bump-up rate bonus on an Online Savings account with Direct Deposit
- Monthly cash back or high interest on your account (more about this in a moment)
- First box of checks is free**
- No minimum balance requirements
- ATM surcharge rebate of up to $10 a month
- Access to Tulee, our digital banking platform, including remote check deposit
If you’re a Farmers Agent, here are a couple of advantages to having a Checking account with Direct Deposit with us that you can’t get at a bank:
- If Folio posts late, we’ll cover checks scheduled to clear during the delay for free, up to your average Folio amount
- Folio will always be deposited with an effective date of the first, so you don’t lose any dividends
Which Checking Account Is Right for You?
Now that you understand the advantages of having a checking account with direct deposit, here comes the rewarding part, selecting the checking account that’s right for you. Looking for a high yield? Then open our High Yield Checking account with Direct Deposit. You earn 5.00% APY on balances up to $5,000, which is a yield higher than some bank savings accounts.† And there’s no minimum balance required. Prefer a monthly cash back credit? Open our CashBack Checking account with Direct Deposit.‡ You’ll get a monthly statement cash back credit of $5, and unlimited check writing.
Qualifying for all these rewards is simple. Each month just remember to:
- Make 10+ Visa® Debit Card purchase transactions per month
- Have Direct Deposit of at least $1,000 per month (ACH credit of $1,000+)
- Receive your statements electronically (via eStatements)
Final Thoughts
Get ahead by opening a Checking account with Direct Deposit, an account that does two things at once. It’s easy, safe, and frees you up to do other things. It’s a win-win.
*Offer valid on Direct Deposit Payroll enrollment into a Credit Union share account. This offer may be withdrawn at any time. Only Farmers’ employees qualify for payroll deposit up to two days early. Subject to employer and/or payer terms and conditions. FIGFCU will generally post Farmers payroll Direct Deposits on the day they are received, which will be up to two days earlier than the scheduled posting date. Other exceptions may apply. **0.50% rate discount for $1,000 monthly Direct Deposit into a Farmers Insurance Federal Credit Union Checking Account and Automatic Payment/Folio Deduction. **The initial box of checks for an account are free (Farmers Insurance Federal Credit Union corporate logo style checks only).
†High Yield Checking: An initial deposit of $20 is required to open any Checking account. High Yield Checking is an interest-earning checking account eligible for up to 5.00% APY interest on the average daily balance in the checking account up to $5,000 (five thousand dollars) and 0.20% APY on balances over $5,000. Dividends are calculated by applying a periodic rate to the Average Daily Balance in the account for the Dividend period. High Yield Checking will earn up to 5.00% APY interest and is eligible for up to $10 (ten dollars) in ATM surcharge rebates per statement cycle subject to the following: 1) $1,000 (one thousand dollars) monthly minimum Direct Deposit, 2) eStatements, and 3) 10 Debit Card Point of Sale (PIN- and Signature-based) posted transactions using the Farmers Insurance Federal Credit Union Debit Card. Posted transactions count toward monthly minimums. Interest earned will be credited to the account at the end of the statement period. Additional restrictions apply: I must be a Member in good standing with a valid email address on file with the Credit Union. Qualifying transactions must post and clear the account during the monthly qualification cycle. Should the account not qualify for ATM surcharge rebates and/or the 5.00% APY interest, and for balances in excess of $5,000, the account will earn 0.20% APY (twenty basis points) on the Checking account balance. Transactions may take one or more business days from the transaction date to post to the account. At the time of the statement cycle date you will verify the combined products and services used since the previous cycle date to determine the qualification for the 5.00% interest and the eligibility for the ATM surcharge rebate. In the event that my monthly $1,000 ACH direct deposit credit does not come in for a 60-day period, the loan discount and the rate bump-up on the Certificate will also be discontinued. Current interest rates and the annual percentage yield may be found on the Credit Union’s website, may be verified at a Credit Union Branch or by calling 800.877.2345. Interest rates earned, ATM surcharge rebate amounts, and qualifying dollar amounts for interest earned are subject to change at any time. APYs, ATM surcharge rebate amounts and eligibility criteria are subject to change at any time. Fees may reduce earnings. Accounts with one calendar month of no activity will be assessed an inactivity fee of $5.‡CashBack Checking: An initial deposit of $20 is required to open any Checking account. CashBack Checking will earn a $5 (five dollar) reward and is eligible for up to $10 (ten dollars) in ATM surcharge rebates per statement cycle subject to the following: 1) $1,000 (one thousand dollars) monthly minimum direct deposit, 2) eStatements, and 3) 10 Debit Card Point of Sale (PIN- and Signature-based) posted transactions using the Farmers Insurance Federal Credit Union Debit Card on the CasbBack Checking account. Posted transactions count toward monthly minimums. Additional restrictions apply: I must be a Member in good standing with a current, valid email address on file with the Credit Union. Qualifying transactions must post and clear the account during the monthly qualification cycle. Transactions may take one or more business days from the transaction date to post to the account. At the time of the statement cycle date the Credit Union will verify the combined products and services used since the previous cycle date to determine the qualification for the $5 reward and the eligibility for the ATM surcharge rebate. In the event that my monthly $1,000 ACH Direct Deposit credit is not received by the Credit Union for a 60-day period, any loan discount that requires the said monthly deposit, CashBack rewards and rebates, and any rate bump-ups on any Share Certificates will also be discontinued. CashBack reward amount may be found on the Credit Union’s website, verified at a Credit Union Branch, or by calling 800.877.2345. Rewards, ATM surcharge rebate amounts, and eligibility criteria are subject to change at any time. Fees may reduce earnings and/or rewards. Accounts with one calendar month of no activity will be assessed an inactivity fee of $5.
