Direct Deposit & Electronic Payments. Both your savings and checking account can be used for direct deposits and electronic bill payments. Once established with your employer, direct deposit allows your paycheck to be deposited electronically into your account on the morning of your payday. You'll receive a paper paystub for your records, but there's no need to visit the bank to deposit a check. It's available immediately at the ATM for you to withdraw against. To setup direct deposit, you should contact your payroll office directly. With electronic bill payment, you can have many recurring bills paid directly from your checking or savings account. You can forget about writing monthly checks and worring about delays in the mail. Your payment will be debited from your account automatically. To establish this service, you should contact the merchant directly.