XCEL loves to offer its employees choices – how they get paid is one of them! One of those choices is Direct Deposit, which offers a vast number of benefits over a traditional paper check. We also understand that some employees do not have, or do not want a bank account. For them, we offer Pay Cards, which offer all the benefits of Direct Deposit, without the bank account. If you are still wondering if Direct Deposit is right for you, check out these 5 reasons why you should choose Direct Deposit.
No Additional Fees
Direct Deposit is a free service – No additional fees involved. In fact, Direct deposit can save you money in some instances. Some banks offer to defer recurring maintenance fees if you enroll in Direct Deposit. Employees who use XCEL Pay Cards can cash-out their cards for no fee once per week.
Dependable Deposit Schedule
Direct Deposits are made every Friday morning by 7 am. Some banks process their deposits sooner! Regardless of the bank, you can rest assured that you will receive your money on time, every time.
No Physical Check to Lose
Losing your paycheck can be a nightmare! It can take anywhere between 2 to 3 weeks or longer for a lost check to be reissued, as banks needs to verify that the check has not been cashed already. If the check IS cashed, the problems grow, and the chances of receiving your money diminish greatly. However, Direct Deposit eliminates that risk, as there is no check to lose.
No Need to Drive to the Office
With Direct Deposit, there is no need to waste precious time or gas driving to our offices to pick up your paper check. Save some time, skip the line, and go on with your day. Eve if you cannot make it to our office – maybe you are sick or it is a holiday – you can rest assured your money will be there for you when you need it most.
Review Your Pay Online
With Direct Deposit, you can verify the accuracy of your pay stub (through your employee portal page) a day before you actually receive it. That way, there are no surprises when the deposit comes in.
Direct deposit has many benefits, but the greatest one is that it gives you direct control of your hard earned money. For more information on XCEL Direct Deposit, contact us!