Tag Archives: Direct Deposit

Popular Alternatives to Direct Deposit | Business News Daily

For many years, the only people who needed an alternative to direct deposit were those who had limited access to traditional banking services. This is no longer the case. The demand for alternatives to direct deposit is on the rise across all sectors of the economy. Many businesses are now expected to offer various methods of payment to their workers.

If you’re a business owner searching for checking account alternatives for your employees, you’re not alone. Here are a few solutions we’ve seen gain the most traction recently.

Read More

Can You Require a Switch to Direct Deposit? | Payroll Link

083115_Thinkstock_125938356_lores_KKIt may not be long before paper paychecks go the way of the five-and-dime store and the VCR. They may soon become obsolete as “direct deposit” into bank accounts is the predominant method of paying employees. And why not? All of the banking — including depositing the amounts into the employee’s account and acceptance of the funds — can be completed with just a few clicks of a mouse. Employees don’t have to worry about losing their checks and it reduces payroll hassles for employers.

The move to the direct deposit method won’t be a change for the vast majority of U.S. employees. According to one survey by the American Payroll Association, 96% of employees are already using direct deposit. Chances are it’s even more common for workers located in remote sites. No more waiting for checks to arrive by snail mail and no trips to the bank to deposit the checks.

While we remain in the final transition period from paper to electronic payment, several questions may be raised about this technology.

Read More