Before going any further, let us ease any concern that you may have, by telling you that we can deposit into any bank or credit union in the U.S. Furthermore, there is no limit as to the number of accounts into which an employee may have deposits made. That being established, we also would like to advise you of the numerous benefits to a direct deposit plan.
By implementing a direct-deposit plan, there are enormous savings to be had in time, money, and natural resources.
Because of how this accounting is processed, you no longer need to perform bank reconciliation. In addition, banking fees are dramatically reduced. Moreover, with no paper check to be copied or stolen, fraud is eliminated. Both of these mean less time and money spent by you.
Environmentally, it should be noted that doing all of this electronically, paper and ink are saved. This is good for you, and the environment.
A direct deposit system has many advantages to employees, as well.
Perhaps the greatest advantage for them is that they now do not have to spend their valuable personal time driving to a bank, and then waiting in line.
In addition, for your employees who do not bank in a traditional manner, we have a new option that has benefits for them, and you: VISA™ payroll cards.