DIRECT DEPOSIT QUESTIONS

  1. What are the advantages of using Direct Deposit?
  2. Is Direct Deposit hard to set up?
  3. What is the routing number I need in order to set up direct deposits/withdrawals?
  4. If I no longer get a paycheck, how will I know if I've really been paid?
  5. What types of payments can be direct deposited?
  6. I don't trust all this new technology. How do I know Direct Deposit really works?
  7. How can I control where my money goes if I don't get a paycheck?

What are the advantages of using Direct Deposit?

Direct Deposit is Safer: no more lost or stolen checks. Your pay goes directly into your account, which only you can access. Faster: Your pay is available to you as cash on payday first thing in the morning. You can even get cash from your pay at an ATM before your financial institution opens. Smarter: No more waiting in long teller lines to cash or deposit your check.  

Is Direct Deposit hard to set up?

It's easy to enroll. If your company offers Direct Deposit, your human resources or payroll department can provide you with a simple form to complete. Your credit union can provide the necessary forms if you are employed by the University of Michigan or Washtenaw Community College. 

What is the routing number I need in order to set up direct deposits/withdrawals?

It is 272476543.

If I no longer get a paycheck, how will I know if I've really been paid?

With Direct Deposit, your employer will provide you with a pay stub documenting your gross and net pay along with your withholding and other deductions. Your monthly UMCU statement also provides a record of account deposits. You can also register for and use MemberNet online banking to check your account on your own.

What types of payments can be direct deposited?

Any ongoing regularly scheduled payment is a good candidate for Direct Deposit. In addition to company salary, travel and entertainment reimbursement, retirement benefits and many government payments may qualify.

I don't trust all this new technology. How do I know Direct Deposit really works?

More than half of Americans (65 percent) use Direct Deposit for their pay. Direct Deposit usage continues to grow. In 2003, nearly 41.3% of taxpayers used Direct Deposit for their tax refunds. Ninety-seven percent of Direct Deposit users are very satisfied with it.

How can I control where my money goes if I don't get a paycheck?

Direct Deposit gives you complete control. You designate the financial institution (UMCU), and the account (savings or checking), for your pay to be directly deposited into. Then, if you would like funds transferred to another share or loan account, you can set it up with a UMCU representative.

 
NCUAYour savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government
National Credit Union Administration, a U.S. Government Agency
Equal Housing Lender We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.