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Direct deposit

Save time and money when you direct deposit your employees’ paychecks into their bank accounts.

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Direct deposit is a competitive employee benefit eliminating checks, thereby reducing costs for issuing and processing checks, reconciling the payroll account, and check storage.

Many employees enjoy being paid through direct deposit into their bank accounts. Payroll deposits for employees are electronically transmitted to the Federal Reserve for processing to their respective accounts. On a predetermined date, the company's account is debited, and all the employees’ accounts are credited with the net payroll amount. Payroll deductions—FICA, federal, state, and local taxes—remain the employers' responsibility.

 Employee benefits

  • Funds available on payday
  • Confidentiality
  • No lost or stolen paychecks
  • No need to make trips to the bank
  • Funds available when sick, on vacation, or on business

Company benefits 

  • Benefit enjoyed by many employees
  • Increased productivity on payday
  • Cost savings in reconciling, check storage, check writing, paper costs, exception processing

If you have 20 or more employees or employees in different parts of the region or country, direct deposit may benefit you. Learn more, contact us today.

 

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