July2, 2007
Make the switch from paper to plastic
Employees who are currently receiving paper
payroll checks may want to consider making the switch to direct deposit or
to a payroll card. Both options not only help avoid those payday trips to
the bank or to a check-cashing service, but they also guarantee funds will
be transferred electronically and will be available immediately.
The payroll card is available through Advantage
Federal Credit Union (AFCU). Employees can choose to have all
funds—or a portion of them—deposited to a check card when each
payday arrives. Those funds will be instantly available at any location
accepting Visa cards, any AFCU location or other credit
union–affiliated branch, and any ATM.
Kathy King-Griswold, assistant treasurer, says paper
payroll checks have become more difficult for banks to process due to
federal regulations adopted after September 11. The regulations, which
require banks to convert all paper checks to electronic documents, have
resulted in processing delays.
“For many banks there’s a delay of at
least three days before employees receive full available funds. That can be
a frustrating situation for many people. We encourage employees to consider
direct deposit, or to consider the payroll card if there are privacy
concerns or if they have had difficulty getting a checking account in the
past. Both are convenient and much safer options than a paper
check.”
The switch from paper to direct deposit can be done
quickly by logging into the HRMS system and clicking on the “payroll
and compensation” link. To sign up for a payroll card, visit the AFCU
branch on 1625 Mt. Hope Ave. In most cases, changes take effect with the
following payroll cycle. For more details, contact the Payroll Office at
275-2040.
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