Docstoc

For Employees

Document Sample
For Employees Powered By Docstoc
					Innovative Tools
  Payroll Cards


    June 2004
Why have a


Payroll Card?
ACH Origination
  for SEGs
Point of Sale (POS) vs.
VISA/MasterCard Debit


 PIN based            Debit cards can be
  transactions only     used for signature
  at ATMs and POS       based transactions
  terminals
Benefits

   For Employees
       Avoid check cashing fees
       Avoid the danger of carrying cash
       Access cash at any ATM 24 hours a day
       The Payroll Card can be used for purchases
        at (POS) PIN based terminals- (pharmacies,
        grocery stores, gas stations, department
        stores, etc.)
Benefits

   For Employers
       No cost to employer
       Offer direct deposit to all employees
       Eliminate paper checks and cost to
        produce
       Eliminate lost and stolen checks
       Saves time associated with check
        production, reconciliation & storage
              Benefits


• For credit union
  – Eliminates “paper payrolls”
  – Cut down on processing time
  – Opens up potential for new members
              Qualifications


   Anyone requesting direct deposit

   No credit check required

   Checking account is not required
 How does this card work and how
       can I get started?
 SEG   requests card for employee

 Credit   union orders card to be sent
 directly to employee

 SEG   deposits payroll into transaction
 account (share draft)
Statistics

• Payroll card program set up in
  April 2004
• Two SEGs use the payroll card
  system
• Number of cards as of
  April 2004 = 175

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:6
posted:10/9/2012
language:English
pages:10