Payroll checks are the most commonly used transaction to perpetuate a fraud. Direct deposit of payroll eliminates the paper, and therefore, the opportunity for fraud.
- Employees are provided with information about their pay as submitted by their employer. Information such as tax withholdings and other pertinent payroll information are most often available to the employee electronically.
- Employee pay is processed directly into their banking account of choice.
- Direct Deposit files are submitted two business days prior to the effective payroll date and the bank ensures that payroll is met by placing a hold on your account balance of equal value until the payroll is processed.
- These balances are included in your average daily collected balance that offsets the fee for the package services.
- Eliminates the need to reissue checks, place stop payments, and perform reconciliation.
- Your employees receive instant gratification on paydays versus having to go to the bank and wait for the item to clear, or possibly pay a fee to cash the check.