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Q. Who is most likely to find direct deposit useful?
A. Direct deposit is beneficial to: anyone who would like to save time by eliminating the job of cashing his or her payroll check. Anyone who wants access to his or her pay at the earliest possible moment on payday. Anyone who wants access to their pay when they are out sick, on the road, or on vacation. Anyone who wants to have 100% security against damage, loss, or theft of his or her check. Anyone who would like their pay to be as confidential as possible. Anyone who wants a purchase/cash debit card without the debt risk and fees of a credit card.

Q. How does direct deposit work?
A. Direct deposit involves communication between banks. A company authorizes that money be taken out of its payroll account. The money is sent to the employees' banks for deposit into their account(s). The transactions are done through electronic networks that are fast, reliable, and safe.

Q. How much control does an employee have in choosing where their money is deposited?
A. They have complete control. For example, they could put most of their pay into their checking account at one bank and the remainder into a savings account at a completely different bank.

Q. Can an employee keep their funds separate from those of a spouse?
A. An employee determines how they want their money deposited into whatever account(s) they specify. They can have all their pay deposited into one account. Or they can split it up, putting part of the pay into a personal account and a portion into a household account that is shared with a spouse.

Q. How much time can direct deposit save employees?
A. Research shows that the average worker spends between 8.5 and 24 hours a year just cashing payroll checks! With direct deposit, employees can skip all the detours to the bank or check cashing facility and get right to more important things.

Q. How confidential is direct deposit?
A. With traditional payroll processing, a check may be handled by as many as 12 people before it reaches a bank account. Most of that is eliminated by direct deposit, which is about the most confidential way to handle a paycheck.

Q. Do many people use direct deposit?
A. Millions of people in the U.S. use it. Nine out of every ten who work for the U.S. federal government, the nation's largest employer, enjoy the convenience of direct deposit.

Q. What kind of faith can I put in an electronic transfer of money?
A. People already put a lot of faith in it. When you personally cash a payroll check, electronic networks transfer money from your employer's account to yours, or provide authority for you to receive cash on the spot. What's going on electronically behind the scenes is about the same whether you have direct deposit or are cashing or depositing your check personally.

Q. Isn't there less chance of an error if the employee personally takes their check to the bank?
A. With direct deposit, the employee's money simply zips from one bank's computer to another. Physically going to the bank can involve handwritten deposit slips, computer entries by tellers, and other manual operations. Speed and accuracy are hallmarks of direct deposit.

Q. If an employee no longer gets a paper paycheck, how do they know how much they were paid, what their taxes were, etc.?
A. They'll receive a pay "stub" showing all the same information they would receive with a normal check. Their bank will supply the same monthly statements showing the record of deposits to their account(s).

For more information about our products and services, contact a WE PAY Payroll representative.