Clear Lake Bank & Trust Company will work with you in establishing a Direct Deposit program. We will assist you in selecting the proper software, installation, training, and on-going support of the program.
Direct Deposit can save your company money:
- Companies can save up to $1.25 per payment by using Direct Deposit instead of checks.
- Direct Deposit eliminates the cost of delivering checks to employees at different locations.
- Direct Deposit eliminates the occurrence of lost/stolen checks and the resulting charges for stop payments and check replacement.
Direct Deposit can save your company time:
- Direct Deposit makes payroll reconciliation easier and can help you streamline your tax reporting at the end of the year.
- With Direct Deposit, there is no need for special check handling when employees are on vacation or out of the office.
- Direct deposit reduces time spent storing and securing checks.
Direct Deposit benefits your employees:
- Ninety-seven percent of employees that use Direct Deposit are very satisfied with the program.
- The chance of your employees having a problem with a check is much greater than with Direct Deposit.
- Direct Deposit is especially helpful for employees who travel and those who work from home because they receive their pay without visiting the office or the bank.
While the most popular application of Direct Deposit is for payroll, it can also be used for many other types of payments, including:
- Bonuses and commissions
- Dividend and interest payments
- Travel expense settlements
- Vendor payments