How Can I Convince My Employer to Offer Direct Deposit?
Direct deposit can make life easier for employers and employees alike. Still, some businesses have not yet taken advantage of the benefits of direct deposit. If your employer is not making payments directly into your checking account , consider discussing these advantages with him or her.
Direct deposit saves money.
One of the biggest benefits for employers of paying employees through direct deposit is that it saves them money. Even if there are small fees associated with direct deposit payments, most employers more than make them up by reducing the amount of time spent preparing payroll. Increased efficiency can save your employer more than the modest fees associated with depositing pay directly into checking accounts.
Direct deposit reduces check loss, fraud, and theft.
When employers issue paper checks, there is a risk that employees will lose their checks or that they will be stolen. This means that the employer will have to issue a stop payment on the check and issue a new one, which takes time and valuable resources and decreases the satisfaction of employees who are depending on getting paid on a certain day. Paper checks are also subject to fraud. They can be cloned or cashed by the wrong person, creating a loss for the business. Direct deposit prevents all of these things from happening since the money goes straight into employees’ accounts.
Direct deposit makes bookkeeping easier.
With direct deposit, employers don’t have to accommodate the different amount of time it takes employees to cash their checks. The immediate transfer of cash simplifies bookkeeping tasks and allows employees to track payments in real time instead of guessing when they will hit their accounts.
Even if your employer doesn’t offer direct deposit yet, GCS Credit Union can make it easy to manage your money with online banking and mobile banking services in O’Fallon . Get more information about the services we offer at our credit union by calling (618) 797-7993.