How do I set up Direct Deposit in Online Banking?

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Limited Time Promotion: Earn $200 When You Set Up Direct Deposit with Panacea

How do I claim my cash back?

Set up qualifying direct deposits of at least $2,000 per month for 3 consecutive months into your Panacea checking account.
Eligible for new checking customers and existing Panacea customers with no prior direct deposits.
Get rewarded with $200 cash back.¹

How to set up direct deposit:

Direct deposit is important for several reasons:

Convenience: No need to visit the bank, funds go straight to your account.
Security: Reduces risk of lost or stolen checks.
Fast access to funds: Money is available immediately or on the payment date.

Quick Links:

Setting up direct deposit on the web.

Setting up direct deposit on the mobile app.

The Web:

You can access direct deposit via two ways:

1. Transfer Money tab:

2. More menu:

Select Direct Deposit and click Get Started. You will see the message "Looking up your payroll account" .

The system might recognize an existing payroll account. If this is the correct payroll account, click Continue.

Choose which bank account you would like to add your direct deposit setting. Click Continue.

A verification code will be sent to your registered phone number.

Select your paycheck distribution. You can choose to deposit your full or partial paycheck.

For partial paycheck, you can choose an amount or percent, and the remainder will be deposited into the existing account.

Review, confirm, and agree to Terms and Conditions. Click I agree and then Confirm.

You should see a success message and receive an email confirmation.

If this is not the correct payroll account, select Search for different account. This will bring you to look for your employer, payroll provider or gig. Once you select the appropriate option you will be asked to log in. Log in and complete the steps to connect Panacea to your Direct Deposit.

Lastly, if you are unable to find the payroll account, you have the option to create a direct deposit form to provide to your employer. Click here to learn more.

The App:

Click on Transfer Money > Direct Deposit. Follow the same prompts as above.

You can also click the More menu > Direct Deposit.

Direct Deposit Cash Back Offer: Eligible customers can earn $200 cash back by setting up qualifying direct deposits of at least $2,000 per month into a Panacea checking account for three consecutive months. Eligible customers include (1) new deposit customers who open a checking account during the promotion period, (2) existing deposit, PRN Personal Loan, and Student Loan Refinancing customers as of September 1, 2025 who have no history of direct deposits into their Panacea deposit accounts. Qualifying direct deposits include any ACH deposit from an employer, payroll provider, or government agency – like a paycheck, Social Security benefit, or pension. Transfers from Zelle, Venmo, PayPal, or other internal transfers do not apply. Bonus will be paid within 30 days of requirements being met. The 3-month period begins the first month a $2,000 direct deposit is received. The first date of an eligible direct deposit will constitute the starting date. If the requirements are not met for all 3 months from the starting date, the date cannot be reset, and the bonus will not be paid. Months are considered calendar months and not a rolling 30-day period. Promotion Period: The Direct Deposit Promotion will begin on 9/1/2025 at 12:01AM ET and end on 9/1/2026 at 11:59PM ET. Promotional credit may be reported as interest on a 1099-INT if over $10. Account must be open and in good standing at the time of the bonus payment. Limit one bonus per customer. Offer may change or end at any time. Important Notice Regarding Promotional Bonus Eligibility: At Panacea, we are committed to honoring all qualifying deposits as outlined in our promotional materials. However, in rare cases, certain employers, payroll providers, or government agencies may not label payments in a way that allows us to recognize them as direct deposits. If you believe you have met the requirements of this promotion but have not received your bonus by the designated date, please contact us at https://panaceafinancial.com/contact/. Be sure to include the details of your qualifying deposit so we can investigate your claim thoroughly. We will review your submission and, based on our findings, take the appropriate steps to ensure you receive any eligible rewards.