If you want to stop direct deposit into your checking do you have to do that with your bank or employer?

Question

What are the pros and cons of having a bank account?

Answer 1

Your employer.  They have to know how to get your paycheck to you.  Usually, there is a form to fill out.

Answer 2

Probably your employer...some employers only do direct deposit - I know mine does.  Really, I don't know of any cons to having a bank account...unless of course the bank goes under and you have more than $100,000 in there, which is definitely not my case.  Having a bank account is good because it keeps your money secure and you can also earn interest...plus, I just hate walking around with alot of cash....I would rather have all my money in the bank and then use my debit card when I need to buy something.

Answer 3

employer

pro --safe keeping of funds

con -- cookie jar

Answer 4

You need to ask your employer.  The pros of a bank account is the interest.  HEELLLOOO free money here!!

Answer 5

You need to do this with your employer.  They'll probably have you fill out a form cancelling your direct deposit and just give you a check on your pay day.

Pros of having a bank account:  Not having to worry about carrying around large sums of cash or keeping lots of money in your house, convenience.

Cons:  If you aren't careful, it can be easy to overdraw and get into trouble.

Answer 6

You have to stop with your employer.

You really should have a bank account.  It is very safe and allows you to build your credit.  It is the grown up thing to do and makes life easier.  Go for it!

Answer 7

direct deposit is controlled by your employer.

you need a bank account to establish a history of controlling your expenses.  You will be asked for this when purchasing a house.  Try not to have any returned checks.