the Move in May to Direct Deposit
month is National Direct Deposit Month, and with the budget crisis in
full gear, it's a good time to consider joining up!
An estimated 53 percent of all state workers in Kentucky
enjoy the benefits of Direct Deposit. And while that number is
increasing all the time, the Commonwealth is below the national average
when it comes to embracing this convenient service. Research from the
American Payroll Association shows that the two most popular reasons
for not participating in Direct Deposit are a distrust of the technology
and not being in control of the process. But here are some facts about
Direct Deposit from the Personnel Cabinet to consider:
Deposit actually saves you time and money. A calculation of the average
time and travel costs of depositing a check is about $8.50 (assuming
you are making the deposits on your own time).
Deposit saves the Commonwealth money.
payments made by Direct Deposit are very rare. In fact, you are much
more likely to have a problem with a paper check.
Deposit is more confidential. A check passes through many more hands
than an electronic transfer.
which are rare, are quickly resolved. By contrast, problems with checks
may take longer.
using Direct Deposit, you may save the equivalent of three workdays
each year by not having to go to the bank to deposit checks.
Deposit is fast. Direct Deposit gives many people access to their
money one to four days earlier than a check. There is no waiting for
a check to clear.
Deposit gives you control. Financial planners recommend Direct Deposit
as one step towards gaining control of your finances.
Deposit can be used for many different accounts, not just your paycheck.
of Kentucky employees wanting to know more or participate
in Direct Deposit can get all the facts and print out the DD form on
the Personnel Cabinet's Website at: http://personnel.ky.gov/dirdep.htm
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