Savings Tip

Sometimes we don't realize how much simple activities really cost us. Take the example of direct depositing your paycheck. One would assume that the difference between depositing your paycheck yourself and having it directly deposited into your bank would be minimal - maybe a $1.00 at most. The fact is that the actual cost of depositing a paycheck rather than having it directly deposited is more than 5 times that number.

According to a study conducted for NACHA (the electronic payments association) by Tinucci & Associates, the total direct and indirect costs of depositing a check yourself instead of using direct deposit is a whopping $5.88. That means that if you get paid every other week, it costs you more than $70 a year to deposit your own paycheck rather than having it directly deposited.