The Bank On Louisville Direct Deposit Green Factor campaign focuses on getting employees better connected to mainstream services and education while affecting the environment. With this new campaign, Bank On Louisville is continuing its mission to assist unbanked and under banked citizens while emphasizing the environmental sustainability aspects of direct deposit
Our goal here at Bank On Louisville through a direct depositing campaign is to create a more economically healthy community through employees and citizens who are more financially literate about their own finances and more financially capable to take effective action about their financial lives so that they and the community may become more financially stable and ultimately financially empowered.
Here you will find information that can navigate you on:
- The Financial Impact that direct depositing can have on your employees
- The Impact that Direct depositing can have on your business financially
- The Environmental Impact direct depositing can have on your business
- Why Financial Education in the workplace is beneficial
- Resources to utilize in beginning a direct depositing service and/or partners of Bank On Louisville that can assist you
Click here to request more information or contact Bank On Louisville!
Here are some quick beneficial facts about Direct Depositing:
· Will save the business a lot of money. By eliminating printing and mailing costs, direct deposit can save businesses up to $176 per employee. On average, each paper paycheck costs $3 to produce and $8-10 to replace. (Around four million paychecks are lost every year.)
· Can help make employees more financially secure. When it is time to convert a paper paycheck to cash, many workers turn to fringe services, like check cashers. These services are expensive and often predatory, with fees that can cost as much as $1,000 or more per year. With direct deposit, this is not an issue.
· Makes payday convenient and safe. With direct deposit, employees get immediate access to funds on payday, eliminating trips to the bank and waits for checks to clear. Employees also do not have to worry about lost or stolen checks, and can count on getting their pay while traveling, sick, on vacation, or even in case of an earthquake or other disaster. Cashing an entire check poses another risk: loss or theft could leave your employee without cash until the next payday.
· Increases productivity. Employees won’t need to leave work to cash payroll checks. And when financial staff don’t need to process checks, they can focus on other important tasks.
· Simplifies reconciliation. Your account statement will show a single dollar amount for the total of all direct deposit and payroll card transactions associated by institution, versus multiple individual check amounts.
· Reduces errors. Expenses due to lost or stolen paychecks can add up fast. With direct deposit, errors are rare.
· Improves quality and control. Direct deposit has near-perfect on-time delivery performance, and is far more reliable than paper. On a more practical note, your business will commit fewer resources to monitoring and protecting check stock.
· Sends the right message. It is widely viewed as a “best practice.” For employees and customers, direct deposit signals that you are an innovative business with a commitment to quality.
· Is easy to set up. Financial institutions, payroll processors and payroll software are ready when you are.
· Direct Deposit is environmentally friendly. It reduces greenhouse gas emissions, solid waste accumulation, deforestation, and wastewater production.