The Advantages of Direct Deposit

If you have a bank account or a prepaid debit Account, you can avoid paying check cashing fees. Setting up direct deposit allows you to keep your full paycheck and enjoy instant access to your funds on payday.

How to Avoid Check Cashing Services

You work hard for your money, and you deserve to take home as much of your paycheck as possible. Direct deposit, which allows you to avoid check cashing fees, is the smartest, safest and most efficient way to manage your paychecks.

With direct deposit, you never have to worry about a lost or stolen check. And if you're out sick or on vacation, you don't need to figure out how you're going to get paid. The process is simple to set up and completely secure. And most importantly, it's free. No check cashing fees means that every penny you earn ends up in your account on payday. You can even distribute your earnings across multiple accounts, which makes it easier to put money directly into a savings and checking accounts.

During a busy workday, it can be inconvenient to get to places that offer check cashing services. They can also end up costing you more money than you might expect. Some check cashing locations charge a flat fee plus a percentage of the check value. On a $1,000 check, for example, a $5 fee added to a fee of 1% of the check value would come to $15. And those numbers are actually modest. Many financial institutions charge up to 3%, and payday lending stores can charge as much as 10% for personal check cashing services. That's $100 out of that same $1,000 check, which is money that could otherwise be spent on groceries for a week or a nice night out with the family.
A prepaid debit Account like American Express Serve® also allows you to set up direct deposit. So, if you're looking for a safe and convenient way to manage your money, you can enjoy easy access to all of Serve's benefits and avoid those high check cashing fees. With Serve, there are no credit checks, no minimum balance requirements and no hidden fees. Serve also offers Early Access Direct Deposit, which can give you access to your full paycheck or government benefits up to two days before payday*.

Keep Your Full Paycheck

Check out this helpful guide.

Click to expand Keep Your Full Paycheck
  1. *

    Faster access compared to standard payday electronic deposit and subject to your employer submitting paycheck information to the bank before payday. Your employer may not submit paycheck information early.

  2. Serve is not a bank account and is not issued by a bank.

  3. Currently there are no cash reload locations in the US Virgin Islands.

    The American Express Serve® family of reloadable prepaid Accounts are available to U.S. residents who are over 18 years old only (or 19 in certain states) and for use virtually anywhere American Express® Cards are accepted worldwide, subject to verification. Fees apply. Other eligibility and restrictions apply. For complete details please visit to view the applicable Consumer User Agreement for each Serve reloadable prepaid Account.

    American Express Serve Service and Card are provided and issued by American Express Travel Related Services Company, Inc., 200 Vesey Street, New York, N.Y. 10285. American Express Travel Related Services Company, Inc. is licensed to engage in the transmission of money on behalf of the public and is licensed as a Money Transmitter by the New York State Department of Financial Services. NMLS ID# 913828. Click here for information about addressing complaints regarding our money services business, lists of our money services business licenses and other disclosures.

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    © 2020 American Express Travel Related Services Company, Inc.  All rights reserved.

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