If convenience alone hasn’t driven your organization to start paying employees via direct deposit, consider the cost savings. According to research by the Electronic Payments Association and the American Payroll Association, an employer currently printing 500 weekly paychecks can save $82,000 each year by switching to direct deposit.
It benefits employees, too, by encouraging them to establish bank accounts. Workers who lack bank accounts spend an average of $600 per year to cash their paychecks.
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