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Skylight cards are funded with a standard direct deposit
file. Companies save money on paper checks, delivery, and account reconcilement.
They can also significantly reduce or eliminate instances of check fraud.
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Skylight card customers often cannot obtain a traditional
checking account due to their credit history or status on negative check file systems.
Without the Skylight card, these customers typically cash their entire
paycheck by standing in line at a bank, check cashing outlet, or grocery
store.
Costs can vary; following are some average check cashing expenses-assuming
a weekly pay period, $375 a paycheck:
- At the bank where the check was drawn ($5.00
per check, $25.00 per month)
- At a check cashing outlet (2.5% of value,
$37.50 per month)
- At grocery stores ($5.00 per check, $25.00 per month)
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The Skylight account is far less expensive than check cashing
outlets and provides access to traditional bank channels. Skylight Card
accounts allow employees to carry smaller amounts of cash. Skylight Card
accountholders access their money at safe, convenient ATM locations throughout
the country. This eliminates the need to stand in check cashing lines.
In addition, having a bank account makes it easier for the accountholder
to obtain insurance, rent apartments, and obtain credit. |
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The Skylight account has several
differentiating features that makes its products superior to other
competing products. Some of these include:
- Lower expense-assuming normal activity.
- Portability-account may receive direct deposits
from multiple employers.
- Minimized liability-Employee owns the account.
- Joint accounts
- Sub-account funds may be transferred from the primary card to a
sub-account card.
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