Direct Deposit Offers Direct Results

Direct deposit has altered the way many companies do business. If you're looking to streamline your payroll department and offer a convenient option for your employees, you may want to consider the many advantages associated with direct deposit – a service that eliminates standard paychecks by transferring money electronically from your business account to an employee's savings or checking account.

• Convenience. Employees who opt to have their funds directly deposited can access their funds immediately once the deposit occurs. There's no waiting for checks to clear. As an employer, this saves you money by cutting down on work time lost to trips to the bank.
• Increased efficiency. With direct deposit, your accounting or payroll department will no longer have to write checks, giving employees more time to work on other tasks. Setting up direct deposit is a straightforward process. After the employee signs an authorization form, your direct deposit network will confirm that the routing and account numbers are correct, and will then begin forwarding to the account.
• Reduced risk of fraud. Since employees no longer require paper checks, the odds that a check will be stolen, manipulated or lost are lessened. As an employer, you can monitor payroll more effectively since bookkeeping time is kept to a minimum.

Chaco Credit Union has seen great results for businesses using direct deposit. For more information about this exciting opportunity or to inquire about other payroll services, give us a call at (513) 785-3500.