Did you know the United States government will stop writing checks on March 1, 2013? The U.S. Department of the Treasury requires that all benefits being paid are done so electronically by that date.
If you have been considering this service, now is the time to add it to your services.
Direct deposit refers to the electronic transfer of a payment from a business account into an individual’s checking or savings account. It is an ideal way for companies to manage:
Direct deposit can make your business more efficient by eliminating manual check processing, reducing administration costs, and simplifying the account reconciliation process.
This service can also provide you with peace of mind. With direct deposit, the risk of fraud is reduced because there is less potential for counterfeit checks, stolen checks, altered amounts, and forged signatures. Also, because there are no physical checks, nothing can get lost in the mail.
Most large companies already offer direct deposit, but many smaller and newer businesses haven’t yet eliminated paper checks from their daily and monthly duties. It also helps the environment be using less paper.
If you have questions about how to add direct deposit to the services your business provides its employees and vendors, speak with a representative at your local branch.