Direct Deposit is one of those things that’s easy to take for granted. Like clockwork, it delivers employees' salaries each payday, as well as Social Security and veterans benefits. And as far as most people are concerned, it all happens without a second thought. But in these unprecedented times, Direct Deposit has found itself in the forefront.
Direct Deposit led the way in getting Americans their economic stimulus money. Tens of millions of people found those urgently needed payments right in their bank accounts, ready to be used, with no need for a trip to the bank, and no hold on funds.
Treasury Secretary Steven Mnuchin thought it important enough to specifically mention Direct Deposit during a Cabinet meeting, commenting, “We delivered over $239 billion to 141 million Americans. And I want to highlight, we couldn’t be more pleased 114 million of those we did direct deposit into people’s accounts.”
That’s rather impressive to see that more than 80% of people who received a stimulus payment did so by Direct Deposit.
But it’s not the only way Direct Deposit has helped Americans get through this challenging time. For many who found themselves suddenly unemployed, having state jobless benefits placed straight in their bank accounts meant getting the money they needed directly into their accounts, without waiting on the mail or making a trip to the bank. (Related article)
New Campaign Launches
It’s abundantly clear that Direct Deposit has a track record of delivering, which is why we want to take a closer look at just how great its impact is with a new campaign we’ve dubbed Direct Deposit Delivers. The campaign builds upon a campaign Nacha launched last year, which featured a Myth Busting Factsheet, a Direct Deposit vs. Paper Paycheck comparison chart, and a letter from banking trades on the value of Direct Deposit. Soon you’ll find additional graphics, videos and resources that you can share with your customers and on your social media platforms.
To learn more, be sure to follow the hashtag #DirectDepositDelivers on Nacha’s Facebook, LinkedIn, Twitter and YouTube pages, or sign up to receive updates when new material is added at directdepositdelivers.org.