US companies have saved US$605m yearly by switching employees to direct deposit, according to a new study by NACHA’s Marketing Management Group (MMG). This is an average savings of US$176.55 per employee per year.
“Employees want to use direct deposit now more than ever. Two out of three employees now use direct deposit. That’s a 20% increase over the past 10 years,” said Diane Freeman, a spokesperson for MMG and an electronic payments marketing and communications manager at the Federal Reserve Bank of Atlanta.
However, according to a 2008 survey by the Consumer Federation of America, 22 million employed Americans still don’t have access to direct deposit. Of those who don’t have access, three out of four employees said they would use direct deposit if they had the option.
“Many small business owners still think direct deposit is only efficient for large corporations. That’s simply not the case any more,” said Freeman.
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