After working the same job for 2 Christmas seasons, I finally made my paycheck completely paperless. While my paycheck has always been direct deposited, I would still always get a paystub. I don’t know what took me so long to make the change – all it took was a few mouse clicks! Now I can just login to my company’s website and view/print up to 12 months of paycheck information. Now there’s no chance my paystub will find its way into some creeper’s hands.

I’m now (almost) completely paperless when it comes to my finances. I use online banking like it’s my job and never write checks. The only time I go to the bank is to deposit cash, which I receive rarely. This makes managing my money way easier.

I don’t understand why some people still rely on paper checks and mail payments. My grandparents even pay everything online and they’re hardly on the cutting edge of new technology. I get some people like the “old way” of doing things…but is it really that hard to cut the analog cord?

In fact, I’d say in most cases that not using electronic payment methods is a stupid financial move. Checks cost money – and time to write them. Mailing a check costs another 44 cents – or has the price of a stamp increased again? My student loan interest rate will be reduced by .25% if I make electronic payments. Pretending like I’m stuck in 1965 does my bank account balance no good.

Am I missing something? Why do so many people still cling to their checkbooks like it’s an appendage?

Today, I’m gonna hit you with some knowledge about the 7 numbers you need in your cellphone. Having these numbers handy can easily save you some time and money.

1.

Your Bank – Great to have so you can transfer money, talk to a customer service rep, or alert them that you’ve lost your checkbook.

Bank of America – 1-877-231-9372
Chase – 1-800-935-9935
ING Direct – 1-888-464-0727 (Support) 1-888-464-7868 (Interactive)
Wells Fargo – 1-800-869-3557
Citi – 1-800-627-3999

2.

Your Credit Card Company

Having the 1-800 number on the back of the card is great, except for when your wallet or purse is stolen. Have these numbers on hand so you can cancel any missing cards as soon as possible.

VISA – 1-800-847-2911
Mastercard – 1-800-MASTERCARD (1-800-627-8372)
Discover – 1-800-DISCOVER (1-800-347-2683)
American Express – 1-800-528-4800

3. GOOG 411

Need to find a local business? Use Google’s free 411 service.

GOOG 411: 1-800-GOOG-411 (1-800-466-4411)

Need residential look up?

Try 1-800-FREE-411 for landlines

4. Major Airlines

Delta – 1-800-221-1212

United – 1-800-United-1 (1-800-864-8331)

Jet Blue – 1-800-JETBLUE (1-800-538-2583)

Southwest – 1-800-I-FLY-SWA (1-800-435-9792)

Continental – 1-800-523-FARE (1-800-523-3273)

5. Your Primary Doctor

– You never know when you’ll need to make an appointment and the last thing you want to do when sick is search for a phone number. It’s also a good idea to input the office address – it’ll come in handy when filling out forms for school or work.

6. A “I’m Drunk: Please-Come-Get-Me” Contact

– Sometimes things get out of control and you find yourself without a safe way home. This person should be easily reachable, and of course, willing to come get you. Parents will work, but a close friend or relative might be a better solution.

7.

A “IF LOST, CALL THIS NUMBER” Number

*Thousands of phones are lost everyday. Remember to put a number you or a close friend/relative can be reached at so a kind soul can return your device.

*I just made that up.

Bonus:

To help keep you within your cell plan’s limits, dial the following and a free text message will be sent to your handset telling you how many minutes you have left for the billing cycle.

AT&T – *646#
Verizon – #646
Sprint – *4
T-Mobile – #646#

Photo courtesy of dno1967 on Flickr!

Just kidding! Sort of.

You’ll still be getting your benefits, but in a different form. According to the White House’s Office of Management and Budget:

all payments from the US Government [will be delivered] to consumers electronically, thus eliminating the need for paper checks for all benefits payments.

In simple terms, all this means is that instead of our grandparents receiving Social Security checks in the mail, they will find the money directly deposited into their checking or savings account. The new policy applies to all government benefits, although the IRS is exempt – so I guess you can continue to receive a paper refund check if you’d like.

For those without bank accounts (???), a debit card will be provided. This is also helpful because people without checking accounts often go to those sleazy check cashing places that charge crazy fees just so you can receive your own money. Why do people go to these places? Honestly, I have no idea. They don’t know any better? They don’t trust banks?

There is something I’m wondering about however…

What the hell took so long? I don’t understand why this change wasn’t made years ago. It’s so simple with no significant downside. I know government (like any large organization) can move slowly, but come on! This was an easy switch and it’s not like direct deposit is new. 85% of those receiving benefits already made the switch years ago, so clearly there aren’t many, if any, problems with the system.

P.S. For those of you who are already receiving benefits, but love government waste and harming the environment: You won’t be forced to provide direct deposit information or use the debit card until 2013.

Are there any negative consequences I haven’t thought of?

Are you running to the bank every time payday hits? Filling out deposit slips and signing checks every two weeks?

Stop.

There’s a better way. It’s called direct deposit.

Direct deposit uses the Automated Clearing House system to electronically deposit your paycheck into any checking or savings account you choose. This has a ton of benefits:

Faster- you will almost certainly receive your funds sooner through direct deposit. At my last job, I received my “paycheck” a whole 2 days before the paper checks would arrive.

Safer- it’s incredibly easy to lose a paycheck, especially if you don’t get to the bank immediately. Thefts happen. Wallets are pick-pocketed and cars get broken into. No petty thief is going to be able to steal your direct deposit.

Frugal-direct deposit means no more gas wasted on trips to the bank.

High tech- I think it’s just plain cool that technology can do this. Using paper for paychecks just seems old fashioned now.

I think the biggest benefit is just the simplicity of it. No more driving to the bank. No lost checks. The money is there automatically. And even more important: there’s no temptation to cash out part of the check.

I know what you’re saying.  “This is awesome, how do I set it up?”

It’s simple.

You Need:

• Your bank account number
• Your bank’s routing number
• Employment at a company that offers direct deposit

You can find this information on a check or in the paperwork you received when you opened the account.

Simply give a voided check (you void a check by writing “VOID” in big capital letters on the front of the check in pen)  to your boss or whoever manages your company’s payroll. If you work for a large corporation, you may be able to do all of this online.  If you don’t have any checks, you can just write down the two numbers and your place of employment will know what to do.

Once that’s completed, you’re done. No more work is necessary. You’ll start to receive your paycheck directly in your bank account within a pay period or two.