Direct Deposit is the electronic transfer of a payment from your company or organization into an individual's checking or savings account.
Direct Deposit is an ideal way to manage employee pay, travel reimbursements, tax refunds, pensions, dividends, bonuses, and more.
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.
Businesses of all sizes can offer Direct Deposit. Companies can save anywhere from $2.87 to $3.15 per payment by using Direct Deposit instead of paper checks. Many payroll software packages, as well as independent processors, can provide a Direct Deposit solution.
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 pay checks.
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 those who use Direct Deposit are very satisfied with it.
Three out of four employees who have Direct Deposit available use it.
Direct Deposit is the most widely used ACH payment. In 2008, the number of ACH payments topped 18.2 billion, representing an increase of 1.2 billion over 2007.
Financial institutions and governments use Direct Deposit to transfer millions of dollars every day. Your employees' money is safe with Direct Deposit.
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. View sample authorization form »
"We have found Direct Deposit to be highly successful as an accurate, efficient way of paying our employees. The benefits are by far greater than the challenges of reconciling and reissuing lost or stolen checks and the employees can count on a safe means of payment. Our participation has grown to approximately 77 percent. That speaks for itself."
