My name is Denise Robinson and I have been a Payroll Administrator here at The DAVIS Companies for the past 8 years. I would like to take a moment to address a high rising topic today and that is the paper check vs. the pay card. Which is the right option for you?
As you can correctly assume, there have been many changes in how an employee chooses to receive their much-earned and anticipated weekly compensation. Yes, their paycheck. More often than not, employees prefer to have their weekly or bi-weekly pay set up via direct deposit into a checking or savings account at their bank. However, for the folks who choose to not go that route, there are two remaining options: paper checks or pay cards.
I myself am no stranger to signing the back of a check, driving to my bank and waiting in long lines to either cash or deposit my check. At one point in time, that was the only option available to us. Today you can have hassle-free money loaded onto a pay card where your funds are available to you immediately.
Now you may be asking yourself, “What is a pay card?”
A pay card is essentially where the employer creates the banking relationship with a financial institution, rather than the employee; and electronically reloads a card with the employee’s wages each pay period. There are several benefits to utilizing a pay card to receive your wages.
- Immediate availability of your funds regardless of location 24/7
- No paycheck cashing fees or bank account needed
- You can make signature and online purchases with your pay card
- You can access your account and balance information for free online
- Immediate replacement if lost or stolen
- Give your family access to money by providing a card to designated family members
- Have a child who receives an allowance from you weekly? Forget stopping at the ATM on the way home for cash. Instead, you can set up an additional card with any denomination for your family members.
- Or maybe you want two cards for yourself. One for your ‘fun money’ and the other solely for paying your bills. What better way to keep you honest!
- No more waiting for your paycheck in the mail. Bad weather and the holiday season will result in Postal delays.
- Interesting Fact: Certain holidays can slow down the delivery of mail by up to 27%. This will include ALL mail, not just greeting cards and packages.
- Reduce the risk of check or identity theft
- 100% Paperless Solution
- Interesting Fact: The DAVIS Companies has proudly GONE GREEN offering pay cards, on-line time entry and approval system, paperless electronic invoicing and IPay to view your earning statements are just a few of our great paperless functions.
* Note: These are just a handful of the many benefits available to Pay Card holders. Please reach out to your Payroll Department for additional inquiries and further information.
Ultimately, the choice on how each employee wants to receive their pay is their decision alone and there is no mandatory payment type set in place at this time. However, it’s been noted that employees who have enrolled in to pay card method very much enjoy the advantages it provides. So say goodbye to the day of Snail Mail and hello to a smarter, faster and more efficient way of getting paid. After all, you deserve it!