Information you can use to communicate Direct Deposit to employees.
- Direct Deposit is safe and confidential.
- Payments made by Direct Deposit have never been lost. In fact, you are much more likely to have a problem with a check.
- Direct Deposit is confidential. A check passes through many more hands than a Direct Deposit transaction.
- Problems, which are rare, are quickly resolved. By contrast, problems with checks may take much longer to correct.
- Direct Deposit is convenient and saves you time.
- By using Direct Deposit, you may save the equivalent of three workdays each year by not having to go to the bank to deposit checks.
- You don’t have to be in town for your money to be securely deposited into your account. No more extra trips to the office to pick up paychecks.
- Direct Deposit is fast.
- Direct Deposit gives many people access to their payments one to four days earlier than a check. There is no waiting for a check to clear.
- Direct Deposit helps you manage your finances.
- With Direct Deposit, you decide how to divide your pay among your accounts, and it will be done automatically each payday.
- Direct Deposit gives you control. Financial planners recommend Direct Deposit as one step toward gaining control of your finances (it can be easier to save money when it’s not in your wallet).
- Most employers will issue a payment stub that is identical to what you receive with a traditional paycheck. It will show how much was deposited into your account and how much was taken out for taxes, insurance and other items.
SOURCE: The Direct Deposit and Direct Payment Coalition, March 2000. The coalition was formed to promote the benefits of Direct Deposit and Direct Payment to consumers, companies and the country. The coalition, composed of the Federal Reserve, NACHA: The Electronic Payments Association and regional ACH associations, sees Direct Deposit and Direct Payment as leaders in a system that is moving quickly to electronic payments of all kinds.