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From direct deposit to paycards: E-pay options abound

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in Office Management,Payroll Management

More than halfway into the second decade of the 21st century, it should come as no surprise that most employees have their pay deposited directly into their bank accounts. Most isn’t all, however, and that doesn’t include employees without bank accounts. For employees in that latter category, stored-value debit cards, familiarly known as paycards, are the answer. Or maybe not.

Direct deposit or smartphone? Millennials and Gen Xers do everything on their smartphones and their banks are happy to play along, with apps that allow them to deposit paper checks remotely. And that’s a real threat to your efforts to get all employees into direct deposit.

For new hires, one tried-and-true tactic is to ignore their smartphone apps and include direct deposit enrollment forms as part of the routine paperwork—W-4s, I-9s, etc.—they must complete. For everyone else, you can point out that there are many more ways that employees...(register to read more)

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