Direct Deposit

Direct Deposit will save your company money, improve productivity and can be promoted as an employee benefit. In fact, for every check converted to Direct Deposit you save $1.25. Direct Deposit will improve productivity by more than 10 hours per year per employee. Direct Deposit improves cash management by reducing the guesswork of fund flows. Your business will know precise deposits and fund transfers for more efficient investment and cash management decisions.

Direct Deposit will benefit your business by eliminating the time and costs associated with reconcilement, payroll processing, and storage of cancelled checks and can be promoted and perceived as an employee benefit. Your employees have immediate access to funds even on sick days or vacation. Direct Deposit eliminates the risk of their paychecks being stolen, and is one of the most confidential methods of processing payments. In addition, employees can customize their own built-in savings plan. This benefit also eliminates the inconvenience of long waits in a teller line Businesses that utilize Direct Deposit average 90% participation among salaried personnel and more than 50% among hourly personnel.

Mercantile offers Direct Deposit via e-Cash Management or through Automated Clearing House Software including forms, guides and software. The electronic transfer of funds from your Payroll Account will allow employees' net pay information in the form of diskette or transferred by modem, to be electronically credited to their designated checking and/or savings account(s) at any bank, savings institution, credit union or brokerage. Information via disk can be submitted as late as 11:00 a.m. one business day prior to the pay date, information via e-Cash Management can be submitted as late as 2:00 p.m. one business day prior to the pay date on payday for your employees.

To find out more about direct deposit, give us a call at (217) 223-7300 or email us at business@mercbanx.com