Automatic Payroll Processing
Employees love the convenience! Paychecks can be automatically deposited into employees' accounts, no matter where they bank. The benefits to employees include being able to receive their paychecks even if they are absent from work and not having to rush to the bank to deposit their checks after work.
Several direct deposit options are available for businesses:
- BillPay Payroll Processing – Enroll in BillPay and direct deposit paychecks in a matter of minutes. Employees can be notified by e-mail that their deposit has been made and the amount. By using BillPay Payroll, it is very easy to add and delete employees as their employment status changes. Prefer to have two signatures on paychecks? BillPay Payroll allows two signatures/approvals before direct deposits are made. Fees: part of Business BillPay, which is $6.50 month with 10 free transactions (additional transactions are $.45). Each payroll counts as one transaction.
- NACHA-Formatted File – This is the software that simply lets the business e-mail the payroll information directly to the bank. The file is encrypted before being sent so that no identifying information can read if the file is intercepted. The bank then handles the rest – we send the paychecks electronically to all employees' banks. Fees: $100 set-up and testing fee, $5 monthly service fee and $.05 per transaction; encryption software normally costs between $60 and $100 and is purchased/owned by the customer; $25 for Annual ACH Rules book for compliance purposes.
- “PIM” Payroll – By using the bank's Paperless Item Module (PIN), we do the work for you! This is an excellent tool for businesses whose payroll software cannot create a NACHA-formatted file as in the option above. Simply send the bank a listing of employees and the amounts of their paychecks (sent to the bank in an encrypted file). We use our technology to support you and your employees. Fees: $50 set-up and testing fee, $5 monthly service fee and $.25 per transaction; encryption software normally costs between $60 and $100 and is purchased/owned by the customer; $25 for Annual ACH Rules Book for compliance purposes.
Businesses who participate in direct deposit also qualify their employees for Partners Banking at First State Bank & Trust. Features of Partners Banking include no minimum-balance requirement, reduced fees on mortgage loans, free order of checks and one-year free rent on a safe deposit box.