Testimonials

Companies

"We have found Direct Deposit to be highly successful as an accurate, efficient way of paying our employees. The benefits are by far greater than the challenges of reconciling and reissuing lost or stolen checks and the employees can count on a safe means of payment. Our participation has grown to approximately 77 percent. That speaks for itself."

- B. Braun Medical Inc., Bethlehem, Penn.

"Direct Deposit is the single best time management tool I have. Our valuable work time is not consumed with payroll-related activities, going to the bank to cash paychecks or running other errands that revolve around payday. Direct Deposit does the work for us."

- Washington Office on Africa, Washington, D.C. (4 employees)

"Direct Deposit is a win-win for employees and companies. Two years ago, a severe ice storm in New Jersey literally froze the mail service! This affected employees who received traditional paper paychecks. Our payroll department had to stop payment and reissue these checks - a major inconvenience. Our Direct Deposit users had their money on time as scheduled. Direct Deposit is a reliable and safe method for payroll distribution."

- Bristol-Myers Squibb Co., Stamford, Conn. (54,000 employees)

"We cut 30 percent from our payroll costs (by using) Direct Deposit and gave our employees a valuable new benefit. The first year Direct Deposit saved us $47,073.00…Cutting costs while adding a new employee benefit. How can you beat it?"

- City of Lubbock, Texas (1,920 employees)

"Direct Deposit cuts (our) cost from 21 cents per paycheck to 4.5 cents. With 7,600 - or just over half - of Stanford's employees on Direct Deposit, that means a savings to the university of $1,263 each payday."

- Stanford University, Stanford, Calif. (14,558 employees)

The City of New York achieved a 74 percent increase in Direct Deposit participation among its employees in six weeks, going from 76,440 employees to 132,540 using Direct Deposit. The city achieved this immense success by distributing stuffers and brochures to its employees with an individualized letter, which included an authorization form.

Financial Experts/Consumer Groups

"We believe Direct Deposit is faster, safer and more secure. The move toward Direct Deposit is a high priority for AARP, to help inform its members about the benefits of Direct Deposit and other electronic fund transfers."

- Bill Brown, AARP

"With Direct Deposit, you don't have to spend time or effort cashing checks. It's completely secure. The funds come in as cash--there's no time wasted having the checks clear, and the money earns interest right away. There are no fees, and it avoids the possibility of theft or loss of checks."

- Jordan Goodman, author of Everyone's Money Book and a personal finance commentator on radio and television

"Workers like Direct Deposit. If a company offers Direct Deposit, almost 71 percent of its employees will choose to use it. The problem is that most companies don't offer the service because they wrongly believe that employees don't want it and won't use it."

- Melanie Payne, The Sacramento Bee, 9/4/00

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