Direct Deposit Helps Workers and Employers Save Time, Money

Tuesday 18 May 2004 18:01 CET | News

More than 120 million Americans, including a growing number of Hibernia customers, now use direct deposit to safely deposit their earnings, and millions more can reap the benefits of direct deposit for the first time.

May is national Direct Deposit and Direct Payment month, and Louisiana Gov. Kathleen Blanco has joined governors and mayors across the country in proclaiming the benefits of direct deposit for workers in their states. Hibernia, the largest Louisiana-based provider of automated clearinghouse services, including direct deposit, offers customers who use direct deposit added benefits including a free, interest-bearing checking account, and free online banking and Bill Pay. Those customers and millions of other Americans use direct deposit to deposit payments that include not only conventional payroll but also pensions, Social Security, tuition and travel reimbursements, commissions and annuities. Studies have shown that 97% of consumers who use direct deposit are satisfied with the process. In the past, however, workers who did not qualify for or chose not to open checking accounts could not use direct deposit. Hibernia now offers those workers an FDIC-insured, PIN-based payroll card with free direct deposit. Once a company sets up a payroll card for an employee, the employees wages can be deposited directly to the card each pay period for immediate access by the employee. Workers dont have to qualify for the cards and may enroll when they apply for a job. Once the payroll card is established, it belongs to the employee even if he or she later leaves the company, and that employee may then use the same payroll card with another employer.

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Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce