Payroll Debit Cards Score Big With Banked Employees

Traditionally, payroll cards have been touted as a benefit for unbanked employees and this remains true. However, Ecount data revealed that nearly 54% of employees utilizing payroll cards were banked and using direct deposit, and use the program for savings or discretionary usage.

"We have found that for every unbanked employee who signs up for the Ecount Program, one banked employee requests a payroll card as well," stated Matt Gillin, CEO of Ecount. "The fact that Ecount payroll cards are desired by both unbanked and banked employees is great news for our clients. Now they are able to implement a program that allows them to achieve 100% direct deposit, eliminating 50 to 75% of payroll costs and have the added advantage of providing a valuable employee benefit."

Ecount offers their Paycard (a branded Visa(R) Prepaid Card) as part of the 100%(TM) Payroll Solution, the only program available that guarantees 100% direct deposit for companies. Ecount cardholders are not charged monthly or annual fees for using the cards and employees at participating companies can sign-up through their employer.

For unbanked employees, the Ecount 100% Payroll Solution eliminates check cashing fees and provides a major convenience factor. The 100% Payroll Solution ensures that every employee receives their pay on time, every time, their funds are easily accessible and there is no need to rely on costly check cashing services. Also, all cardholders are protected with Visa's 'Zero Liability' Policy. Past Ecount surveys have revealed that more than 90% of unbanked employees prefer to get paid with the Ecount Paycard as compared to paper check, citing convenience as the number one benefit.

The most recent survey also revealed that the majority of banked employees use the Ecount Paycard as both a savings tool and for daily expenses. "Many of our banked cardholders place around 10 to 20% of their check on their Paycard. Some use it to save for big-ticket items like a TV or vacation, and many use it as 'mad money' or discretionary income - to buy lunch or household items," continued Gillin.