Business Direct Deposits
Why print checks every week? Sign up for Direct Deposit and pay your employees electronically! Its FAST, EASY and will benefit you both! Their paychecks and benefit checks will be credited to their accounts automatically and YOU will be eligible for loan discounts!
DIRECT DEPOSIT PAYROLL:
Direct Deposit puts an end to the payday runaround. Each payday your employee’s entire paycheck, less their usual deductions, can be sent by you electronically directly into accounts they establish with Infinity FCU. They get immediate access to their monies on that day and you earn discounted rates on your loans!
Benefits for YOUR EMPLOYEES:
- Sign-On Bonus of 2,500 UChoose Reward Points! ($25.00 value)
- Direct Deposit lets your employees begin earning dividends as quickly as possible
- Safe, quick, and convenient, they‘ll save time and avoid waiting in teller or ATM lines.
- Even if severe weather such as a blizzard or other circumstances prevent them from picking up their pay check, their monies will be in their account.
- With direct deposit there are no lost checks
Benefits for YOUR BUSINESS:
- Improved internal control by not handling negotiable checks
- Increased efficiency by not having to perform the check-signing process
- A less expensive paper stock can be used for direct deposit notifications than for paychecks
- Your business’ account reconciliations are simplified because there are no outstanding payroll checks that have not cleared the bank.
- LOAN DISCOUNT: You can earn a 1.00%APR Discount on your business' loan for every employee enrolled, down to the current Prime Rate!
DIRECT DEPOSIT LOAN DISCOUNT: Employers that enroll 5 or more of their employee’s in Infinity’s net pay direct deposit, will be eligible for rate reductions on a Working Capital Line of Credit! For every employee added beyond the 5 employee minimum, Earn a 1.00%APR Discount, Down to the current Prime Rate! (For more information, contact a Business Services Representative - 1-800-499-8401- ext.4140)
How to Enroll your employees:Establishing direct deposit of your employee’s paycheck requires:
- Employees to open an Infinity FCU membership
- Employees to complete Infinity’s Direct Deposit Authorization form (click to download)
- Employees to submit the form to your Human Resources or Payroll department.
And that is all it takes to get started!
* After receipt of the authorization form, Infinity suggests you monitor 2 full pay cycles before considering Direct Deposit fully automated.