Paycard or direct deposit?

I have the option of having my paycheck on a paycard, or into my checking account, not to pick up a physical check. The paycard is with MetaBank, and my checking account is with Chase. Which would be the safest/most reliable option?


Also, under "financial institution" would I put "Chase" or "Mastercard"?

3 Answers

  • 6 years ago

    Go with the direct deposit to your bank account. Paycards sometimes have fees and you will have problems getting your money or paying your bills.

    Financial institution is Chase and you need the routing and bank account number -- not your debit card number. The routing and account number are on the bottom of your checks or you can ask the bank or the number.

  • 6 years ago

    You would say Chase, that's your bank. Mastercard is just the name of your debit card.

    Most likely the direct deposit will be more reliable. First you already have an account that is established and most likely have a few branches near you. Next some paycards have fees with them as well as a chance of having to incur ATM fees if you want to withdraw cash at one. And third it means yet another card to keep track of.

  • S
    Lv 7
    6 years ago

    Some employers have embraced using one of the cash card or paycard systems. These types of cards, which will be loaded with your earnings every payday, are taking the place of a bank account, and the money placed on the card is even FDIC insured like a bank account. Accessing the money on these cash cards or paycards requires the employee to use one of the ATM's within the card network. This will eliminate a transaction surcharge when you get spending cash from the cash card or paycard. These cards are not a debit card or a credit card, and where they can be used is limited because of that.

    Direct deposit puts the paycheck earnings directly into the employee's bank account. Instead of an employee being handed a physical paper paycheck by their employer, the amount the employee has earned is deposited directly in the employee's bank account using the electronic funds transfer method to move money from the employer's source bank account to the employee's recipient bank account. Usually, the direct deposit paychecks are made available to the receiving bank at approximately 12:00 am on the check date, and posted at the discretion of the receiving bank. Most bank postings of a direct deposit amount to an account happens overnight since the entire process is automated, and are immediately available the same day. This action is also tied to only occurring on bank business days, not on Saturday, Sunday, or bank holidays. This does not take in to consideration any system issues or bank account problems which could cause further delays.

    If you want to use the direct deposit for your paycheck, have your bank account number and the bank routing number in hand along with a voided deposit slip or check when you approach your employer and ask to fill out the direct deposit papers.

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