WHY BECOME A EMPLOYER PARTNER


WHY BECOME A FINANCIAL PARTNER


WHY BECOME A COMMUNITY PARTNER
WHY BECOME A EMPLOYER PARTNER
Bank on DC offers assistance to employers to promote direct deposit as an alternative for unbanked and underbanked employees who rely on alternative financial institutions, such as check cashers, for checking and credit services. Direct Deposit is key way in which employers can improve their bottom line while promoting financial health of their employees. Implementing Direct Deposit provides immediate benefits to your organization and employees.Bank on DC offers assistance to employers to promote direct deposit as an alternative for unbanked and underbanked employees who rely on alternative financial institutions, such as check cashers, for checking and credit services. Direct Deposit is key way in which employers can improve their bottom line while promoting financial health of their employees. Implementing Direct Deposit provides immediate benefits to your organization and employees.

Lower Operational Costs

  • No need to cut and re-cut checks: Reduce administrative and operational costs associated with processing paper checks, replacing lost checks, and correcting human errors
  • Simplified, automated process: Account statement reconciliation process is simplified by reconciling to total Direct Deposit amount rather than individual check amounts
  • Significant savings: Firms as large as 100 employees can save nearly $19,000/year in payroll costs, and small firms can save from $28 – $48 per employee in annual payroll costs.
  • Determine your firms potential saving using this online calculator.

Strengthen Internal Controls

  • Increase security: Transfer funs safely through the ACH Network and reduce the risk of check fraud including counterfeit, stolen checks, altered amounts, and forged signatures
  • Improve cash flow control: Electronic payments typically clear in two business days.

Increase Employee Satisfaction and Financial Health

  • Accelerate access to earnings: Employees are 97 percent satisfied with direct deposit, as it allows employees to access their money immediately and lose no time cashing checks
  • Decrease costs: Direct deposit eliminates the need for employees to use check cashers, saving employees up to $800 in check cashing fees per year
  • Increase savings: Employers who participate in direct deposit are more likely to take advantage of automatic savings tools such as split deposits and 401k plan allocations.

As an Employer Partner, you can:

  • Launch a campaign to achieve 100 percent enrollment in direct deposit
  • Host an outreach session with your employees to provide financial literacy advice and open accounts onsite with Bank on DC financial partners
  • Include Bank on DC information in your mailings and newsletters.
  • Display posters and other materials in public spaces.
  • Place a link on your website to bankondc.org.

So to become an employer partner, please send an email to info@bankondc.org.