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Did you know that on average, employees spend from 8 to 24 hours of work time
each year dealing with payroll checks?
Direct deposit is the fastest,
safest and most convenient way to get your employees' paychecks into the bank
on time! Direct Deposit offers employers and employees the following advantages:
- Convenience - no more trips to the bank, waiting in line to cash or
deposit paychecks. The check is in the bank even when an employee is out of town,
sick, or just can't get to the bank.
- Dependability - payment is available at opening of business on check
date; employees are paid on time, every time!
- Safety - no more lost or stolen checks; eliminates the time/cost of
replacement checks.
- Confidentiality - paychecks are no longer handled by bank tellers,
supermarket cashiers and others.
- Cost Savings - eliminates the need to reconcile employee checks.
How does Direct Deposit
work?
Through direct deposit, Future Systems transfers the payroll funds directly into
an employee's bank account using the Automatic Clearing House system ("ACH").
ACH is a nation-wide financial system that electronically transfers funds from
bank to bank and account to account.
Do employees have to
have an account at the same bank where the employer's account is?
No, because the ACH system electronically transfers the funds, employees can choose
any account - across town, across state, across the country or even a Credit Union!
Can an employee have
only part of their pay directly deposited into an account?
Yes, an employee can choose to have part of their pay deposited into a bank account
(ie, an IRA or savings account) and receive the rest of their pay in the form
of a payroll check.
Can an employee choose
more than one account or bank for direct deposit?
Yes, Direct Deposit offers the flexibility of depositing an employee's pay into
one or more accounts. For example, a deposit may be made to a savings account
(ie. Vacation or Christmas club) and the rest into a checking account.
Does an employee who
chooses Direct Deposit still receive a "check stub"?
Yes, an employee will receive a pay stub or "voucher" with the same
information as a check stub showing current and year to date earnings and deductions.
The amount, bank routing and account number will also be indicated on the voucher.
If I choose to offer
Direct Deposit do all my employees have to participate?
No, direct deposit may be used by those employees who choose this method of payment.
Everyone else will continue to receive a paycheck.
Contact
Us today to find out more about Direct Deposit for your employees!
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