Direct Deposit

What is Direct Deposit?

Direct deposit is an electronic payment method, also know as an ACH (automatic clearing house), that allows funds to be transferred directly into your credit union account. This process eliminates the need for paper checks, reducing the risk of lost or stolen funds. It is widely used by companies to execute payroll. It is also used by the Social Security Administration to pay benefits, and the IRS and state tax agencies to distribute refunds.

Advantages of Using Direct Deposit

  1. Speed – Direct deposit is significantly faster than receiving a paper check. The Federal Reserve now does deposits several times a day since 2020.

  2. Security – Since the funds are transferred electronically, there is no risk of your check getting lost or stolen.

  3. Convenience – You do not need to visit your credit union to deposit your refund. The funds are automatically available in your account once processed.

  4. Multiple Account Deposits – Some agencies allow you to split your payment across multiple bank accounts, giving you flexibility in managing your finances.

How to Set Up Direct Deposit

To ensure your funds are deposited directly into your account:

  1. Provide Your Bank Information – Include your bank’s routing number (322280906) and account number (full 14-digit MICR Line).

    • Your MICR (magnetic ink character recognition) number is located at the bottom of the paper checks, directly to the right of the 8-digit routing number.

    • You can also find your 14-digit lookup numbers for your checking and savings (they will be unique to each) under account details in online/mobile banking.

    • If you are uncertain what your unique 14-digit lookup numbers are, please reach out to IFCU member services.

  2. Double-Check for Accuracy – Any mistakes in your bank details can result in delayed or misdirected funds.

  3. Name(s) – The name of the person(s) being paid must match the name(s) on the account. For example, with tax refunds, if you have filed jointly as a married couple then both names must be on the account.

  4. Choose the Correct Account Type – Specify whether your account is a checking or savings account to avoid processing errors.

If you require additional help with direct deposit information, please reach out to member services at 800-245-0433.