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Direct Deposit
In recent years, as CFOs, treasury officers and office managers have searched for new ways to squeeze savings from operating expenses, direct deposit has become one of the hot button issues. On average, it costs companies approximately $1.90 per person, per pay period to generate a paper payroll check, compared to 15 cents on average to disburse payroll funds via direct deposit.
American workers have embraced direct deposit because of the convenience and security, and without it the disadvantages can be significant to both the individual and the employer. American workers without direct deposit spend between eight and 24 hours annually standing in line to cash their paper payroll checks. From the corporate perspective, check cashing during work hours results in an estimated $3 to $5 billion annually in lost productivity.
As the mantra of "100 percent direct deposit" grew, there was also a recognition that 100 percent employee participation was unachievable as long as a segment of employees remained self-banked.
Fortunately, as a company, Skylight® finds itself in the right place at the right time. Through its participation in earlier Federal electronic funds transfer programs and its partnerships with U.S. Bank, SunTrust, and Hibernia, Skylight is in a unique position to serve the self-banked community. From a business perspective, Skylight offers self-banked workers account-based financial services that the company describes as a "Bank account in a card." For companies, Skylight's FDIC-insured financial service products can help generate 100 percent direct deposit among employees, as well as helping these companies save money while mastering inefficiencies associated with payday/payroll distribution.
From a consumer perspective, Skylight's "bank account in a card" provides an excellent solution to the high costs associated with check cashing services. In addition, Skylight provides individuals with the convenience and security of a bank account, and service is available wherever PIN-based debit transactions are accepted.
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