Benefits of Direct Deposit

• Eliminates long lunch hours on pay day for special trips to the bank to cash pay checks.
• Eliminates the worries of "late pay checks" to employees in satellite locations or those traveling or absent. Employees are paid "on time, every time".
• Eliminates the need for pay checks to clear and provides the immediate use of funds.
• Eliminates pay checks being handled by bank tellers, supermarket cashiers and others, keeping earnings a confidential employer/employee matter.
• Eliminates lost or stolen checks along with the resultant lost time and cost of replacement checks.
• Eliminates check reconciliation for direct deposit of net pay.

What is Direct Deposit?

Direct Deposit transfers company payroll funds directly into an employee's bank account(s) using the Automated Clearing House system ("ACH").

Facts about Direct Deposit

1. Direct Deposit is the electronic transfer of a payment from a company or organization into an individual's checking or savings account.
   
   
2. Direct Deposit is a smart way to get paid. It is ideal for more than just payroll, including expense reimbursements, tax refunds, pensions, dividends and bonuses.
   
   
3. The benefits of Direct Deposit to both consumers and companies are numerous. This is why more than 80 percent of large companies (100+ employees) offer Direct Deposit, and it has become a staple in today's employee benefit packages.
   
   
4. Direct Deposit is safe, confidential, convenient and fast. The government often utilizes Direct Deposit for income tax refunds within days of receiving returns. And there is no waiting for a check to clear.
   
   
5. Problems with Direct Deposit are very rare. The chance of having a problem with a check is 20 times greater than with Direct Deposit. And if a problem ever does occur, it is easy for a company to rectify. Consumers usually need only make a call to their company or financial institution.
   
   
6. Ninety-seven percent of those who use Direct Deposit are very satisfied with it.
   
   
7. Seventy-one percent of employees who have Direct Deposit available to them, use it.
   
   
8. A company of any size can offer Direct Deposit to its employees. Many payroll software packages, as well as independent processors, provide a Direct Deposit formatting feature.
   
   
9. Many financial institutions also offer free checking or reduced account fees to consumers who use Direct Deposit.

A D COMPUTER
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