Use these Fast Facts to answer questions your staff might have about Direct Deposit. These facts can also be used when you talk about Direct Deposit to your business clients and individual customers:

• Direct Deposit is the electronic transfer of a payment from a company or organization into an individual's checking or savings account.
• Direct Deposit is an ideal way for companies to manage employee payments, travel reimbursements, tax refunds, pensions, dividends, and bonuses.
• Most large companies (500+ employees) and many small- and medium-sized companies offer Direct Deposit. It has become a staple in today's employee benefit packages.
• Companies can save anywhere from $2.87 to $3.15 per payment by using Direct Deposit instead of checks.
• Companies of any size can offer Direct Deposit. Many payroll software packages and independent processors provide a Direct Deposit feature.
• Employees who use Direct Deposit can access their money in their accounts at their financial institution's opening of business on payday. They never need to go to the bank during business hours to deposit their paychecks.
• Problems with Direct Deposit are very rare. If there is a problem, it can usually be resolved with as little as one phone call.
• Ninety-seven percent of individuals who use Direct Deposit are very satisfied with it.
• Three out of four working individuals who have Direct Deposit available use it.