Next month brings National Payroll Week (Sept. 1-5). What better gift to your Payroll Pete or Patty than to have more employees signed up for direct deposit? Here’s how to cut through the resistance.
No doubt your finance staff has run into the usual excuses. Here are some decidedly unusual responses to help you increase those participation rates.
Excuse #1: “I just like to feel that paper check in my hand.”
Response: “Then you must like to have less of it to hold.” Without direct deposit, you’ll have to drive that paper paycheck to the bank at nearly $4 a gallon for gas.
Excuse #2: “It will screw up my bookkeeping.”
Response: “You’ll be a lot less likely to bounce a check.” The money’s available in your bank account faster with direct deposit, so you can pay your bills with greater confidence the money will be in there when the electric company goes to cash your check.
Excuse #3: “I like to know exactly when I have my money.”
Response: “Then you’ll never be able to call out sick or go on vacation on a payday.” Many people live paycheck to paycheck, especially these days. If you have to be physically in the office to receive your live check, waiting even a day or two can cause a serious financial strain.
Excuse #4: “I don’t have a checking account.”
Response: “Then I guess you don’t want $100.” Many banks are offering promotions where people can receive a $75 or even $100 bonus for opening a free checking account with direct deposit. (Many coupon codes are listed online.)