Automatic deposits and payments are the best ways to add to your savings or repay loans.
- Safe – because it reduces the risk of your money being lost or stolen.
- Convenient – because it saves time and eliminates standing in line.
- Dependable – since your money is automatically deposited in your account the day you’re normally paid or posted the day a payment is due.
DIRECT DEPOSIT
Direct Deposit is having your net pay, retirement pay or regularly recurring Federal government check deposited to your Checking Account or Share Savings Account. The net amount is what is left in your check after all other deductions (such as health insurance, tax withholding, dues, payroll deductions, etc.) have been made. With Direct Deposit to your Checking Account, your money is available the day you are normally paid so you can access it easily by Telephone Teller, writing a check or using your ATM card.
Who is Eligible
Direct Deposit is available to members receiving their checks from:
- Employers which offer Direct Deposit or Automatic Clearing House (ACH) payments through the Federal Reserve. If in doubt, check with your payroll department then contact MECU for the correct procedure.
How to Apply
City of Baltimore Payroll or Retirement Checks – Complete a City Direct Deposit Request form. It normally takes three pay periods to go into effect.
State or Federal Checks – This includes Social Security benefits, retirement checks from the State of Maryland, other regularly recurring government checks, etc. Complete either a State Direct Deposit Authorization Form or a Federal Direct Deposit authorization form and return it as instructed on the form. Depending on the source of the check, it may take 60 to 90 days from the time you submit the authorization for the Direct Deposit to begin.
ACH Payments from Other Employers – If your employer/retirement system offers ACH payments through the Federal Reserve, you may be eligible for Direct Deposit to MECU. Check with your payroll department for the authorization form. You may be asked to provide MECU’s routing and transit number which is: 25207646, check digit 8.
PAYROLL DEDUCTION
Payroll deduction is having a part of your paycheck automatically deposited into your checking and/or savings accounts or applied as repayment on loans. The total amount of all your payroll deductions to MECU appears in the credit union block on City pay stubs.
Who is Eligible
Payroll deduction is available to members receiving checks from the City of Baltimore for pay or retirement and other approved membership agencies. If you are not sure, check with your payroll department or retirement system to see if they offer payroll deduction to MECU.
How to Apply
To start or change a payroll deduction fill out a "Request to Change" form and return it to MECU. It normally takes two pay periods for a payroll deduction to go into effect from the time MECU receives a request.
AUTOMATIC DISTRIBUTION
Automatic distribution works in the same way as a payroll deduction only it is for those members who arrange for Direct Deposit to their MECU Checking account from a source other than the City of Baltimore payroll system.
PRE-AUTHORIZED PAYMENT
You can pre-authorize periodic bills, such as utility, insurance and mortgage payments, to be made either to other parties out of your MECU Checking account by electronic funds transfer. This is called ACH Direct Payment. Contact the firm that is going to receive the payments to find out their procedure to initiate this service. You may be asked to provide MECU’s routing and transit number which is: 25207646, check digit 8.
If you want to have the funds sent from another source to a MECU savings or loan account, we can receive electronic funds transfers too.
For maximum convenience… be sure to sign up for these services at the same time you sign up for automatic deposits!
