Three out of four employees use direct deposit for payroll and one out of four still receive paper checks, said a new survey from NACHA, the electronic payments association. The survey revealed a 2 percent increase in direct deposit use, from 72 to 74 percent, with 71 percent of employees citing convenience as their primary reason for using direct deposit.
“The results present credit unions with an opportunity to share the benefits of a direct deposit program with their small business members.” said Bill Sullivan, senior director and group manager of industry and government relations for NACHA.
The ongoing migration from paper-based to electronic transactions continues in all forms, as consumers become more comfortable with, and embrace, electronic transactions. In the case of direct deposit, not only are these transactions faster and more accurate, they also offer new options for automatic distribution of funds to savings and other accounts.
Read full article: http://www.cutimes.com/2011/09/25/na…direct-deposit