Why should I set up direct deposits with Oxygen?
Setting up direct deposits with Oxygen offers the convenience of having your funds directly deposited into your account. This ensures faster access† to your money without the need for physical checks. Additionally, your direct deposit may be eligible for two-day early pay*.
†Faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct Deposit and earlier availability of funds is subject to payer’s support of the feature and timing of payer’s funding.
*Early access to direct deposit funds depends on timing of the payer's submission of deposits. We generally post such deposits on the day they are received which may be up to 2 days earlier than the payer's scheduled payment date.
How do direct deposits benefit me as an entrepreneur or freelancer?
Direct deposits enable entrepreneurs and freelancers to receive payments from clients or customers directly into their Oxygen account, which can help simplify your money management and streamline your business finances.
Can I set up direct deposits for my gig economy earnings?
Yes, direct deposits are an ideal solution for gig economy workers as they ensure seamless and automatic receipt of earnings from multiple platforms and employers.
Is it secure to set up direct deposits with Oxygen?
Yes, your direct deposits through Oxygen are protected by powerful security measures to ensure the safety of your financial transactions and personal information.
How can setting up direct deposits help me achieve my savings goals?
Automatically depositing your income into your Oxygen deposit account can help you support your savings journey and encourage consistent financial discipline. We make it easy to transfer money from your deposit account to your savings account, and offer ways to boost your savings goals, such as setting up automatic savings rules.
Can I send multiple direct deposits to my Oxygen account?
Yes, you can send multiple direct deposits to your Oxygen account. However, please note that deposits sent to your Oxygen account must be in you name. Deposits that are sent to your account with a different name other than your own may be blocked for further review.
How does direct deposit help with bill payments?
With direct deposits, you can designate a portion of your income to be automatically allocated towards bill payments, ensuring your bills are paid on time and helping you avoid late fees.
Can I use direct deposits to build an emergency fund?
Yes, direct deposits allow you to regularly contribute to an emergency fund to help you provide financial security during unexpected situations. This is a great way to take advantage of our direct deposit features.
How does direct deposit help in managing irregular income?
Direct deposits help with stabilizing irregular income by automating the process of receiving payments. This can help you maintain steady incoming funds.
How do direct deposits simplify the tax season for entrepreneurs?
Direct deposits keep your income records organized. This makes it easier to track and report earnings during tax season and simplifies the filing process.
Are there any incentives for using direct deposits with Oxygen?
Yes, if you receive a referral link from a friend to join Oxygen, you’ll both receive a $100.00 bonus when the referee downloads the app using the link, receives a qualified payroll direct deposit of $500.00 or more and the account has at least five debit purchase transactions using the Oxygen Visa® Debit Card (including Virtual Card purchases) that have been posted and settled to the account.‡
‡Please see Oxygen’s Total Rewards Program terms and conditions for details.
How can I set up direct deposits with Oxygen?
Setting up direct deposits with Oxygen is simple and can be done through the app or website.
Follow the instructions provided to link your account for direct deposits:
You have three options (A, B, C below) for transferring funds into your account using direct deposit: direct deposit using Pinwheel, direct deposit form, or direct deposit via the employer portal.
A. Direct deposit via Pinwheel:
To deposit money into your Oxygen account using Pinwheel, log in to your account and go to “Overview,” then “Add funds” > “Direct deposit.”
Pinwheel is only available for Oxygen personal banking accounts. Pinwheel is not available for business accounts at this time.
If you’re adding your paycheck to your Oxygen account for the first time:
Tap the “Find employer” button. You will be directed to use your employer or income provider’s specific payroll login information to set up your direct deposit automatically (They must provide you with this information.).
Choose “Full paycheck” or “Part” based on your preferences.
Edit as needed, and tap “Confirm.”
Once your employer or income provider processes the change, your direct deposit might still take one to two payroll cycles to take effect.
Finding your payroll provider:
To search for a payroll provider, use the search bar or choose from the list of popular providers.
If your payroll provider is unavailable, or you’re having trouble logging in:
Choose the “Manual form” button, and then enter your payroll provider’s name.
Choose between “Full paycheck” or “Part,” then tap “Proceed to signature.”
Turn your phone sideways, sign, and tap “Confirm.”
Choose “Share or print” to send it to your payroll provider.
B. Direct deposit form:
To deposit money to your Oxygen account using a direct deposit form:
Choose “More” > “Direct deposit.”
Select “Create a new form.”
Tap “Add employers name.”
Then, you will choose either “Full paycheck” or “Part.”
Finally, choose “Proceed to signature” > “Sign your name,” and tap “Confirm” to complete.
This form can be shared with your employer or income provider to facilitate depositing your paycheck into your Oxygen account.
C. Direct deposit via employer portal:
To deposit money into your Oxygen account using an employer portal, you’ll need your routing and account numbers. You can find your routing and account numbers in the Oxygen app by going to “More” > “Account numbers.”
Input your Oxygen routing and account numbers directly into your employer’s payroll software. You should receive the funds in your account at the time of your next paycheck or after your employer processes your request.
Can I customize my direct deposit preferences?
Yes, you can customize your direct deposit preferences, such as allocating funds to different accounts or setting up recurring deposits for specific amounts.
Here are a few examples of how you can use your Oxygen direct deposit feature to help you manage your finances:
Monthly salary: Set up direct deposits to receive your monthly salary directly into your Oxygen account. This ensures timely and seamless access to your earnings and allows you to manage your personal finances efficiently. Plus, you can access your salary up to two days earlier*.
*Easy access to direct deposit funds depends on the timing of the payer's submission of the deposits. We generally post such deposits on the day they are received which may be up to 2 days earlier than the payer's scheduled payment date.
Automated savings: Use direct deposits to automatically transfer a portion of your income into a savings account. This hands-off approach helps you build your savings effortlessly and work towards achieving financial goals like an emergency fund, vacation, or down payment for a house.
Bill payments: Allocate a specific amount from your direct deposit to cover recurring bills like rent, utilities, and insurance. This way, you won't have to worry about missing due dates or managing multiple payments manually. Plus, when you use your Oxygen virtual cards and set up automatic payments for individual vendors like your electricity and gas bills, you can manage payments and secure those payments better.
Investments: Direct a portion of your income towards investment accounts or retirement funds. Automating these contributions ensures consistent investments and helps you grow your wealth with time.
Debt repayment: Set up direct deposits to automatically contribute to paying off loans or credit card debts. This disciplined approach helps you reduce debt faster and improve your financial standing.
Charitable contributions: If you regularly donate to charities or causes, use direct deposits to send a fixed amount to your chosen organizations. This can help make supporting the causes you care about easier.
Travel fund: Create a separate savings account for your travel fund, and set up direct deposits to contribute a fixed amount each month. This way, you'll have funds ready for your next adventure when you need them.
Emergency fund: Direct a portion of your income towards building an emergency fund to provide more financial security during unforeseen circumstances like medical emergencies or unexpected job loss.
Automobile savings: Planning to buy a new car? Use direct deposits to contribute regularly to an automobile savings fund and help make it easier to afford your dream vehicle when the time comes.