On the flip side, the most popular method of receiving funds is direct deposit. About half of Americans authorize their employer to automatically deposit their paychecks into their bank account. Federal Reserve staff receive their salaries in this way as do nearly all federal government employees. Many people also receive expense reimbursements, commissions, dividends and pension payments through direct deposit. Direct deposit recipients don't have to worry about their check being lost or stolen and can count on their money being in their account on a certain date.
Direct deposit eliminates one reason to physically visit the bank.
Coupled with the proliferation of ATMs and the advent of online banking, some predict that many account holders might never need to set foot in a branch again. Over the past two years, many bank customers have begun taking advantage of electronic alternatives that literally place banking services at their fingertips. Many banks nationwide operate call centers, providing live operators and automated voice response units, up to 24 hours a day, seven days a week. Using a touch-tone phone, customers can access accounts, apply for a loan, and authorize bill payment. Online banking offers the same services through a person's home computer.