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Currents--University of Rochester newspaper

Make the switch from paper to plastic
By Jenny Leonard
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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