You know the old saying: "There is no such thing as a free lunch." We can now add banking to the list of things that are no longer free. Since new banking regulations have been imposed this summer, banks have been quietly increasing fees for ATM transactions, and monthly maintenance to make up for revenue lost due to those regulation changes.
Many banks are trying to make up for fees they were collecting for overdrafts caused at ATM and also debit card transactions. The only way to make up for those revenue items will be to charge more at ATM and impose monthly maintenance fees for basic checking to most customers. Take a look at your bank statements and you will find fees to basic checking accounts are going up.
Payroll debit cards do not carry a monthly maintenance fee nor do they rely on overdrafts to create revenue. For your employees that are not able to maintain a basic checking account due to minimum balance requirements and other restrictions a payroll debit card is the best value.
When establishing direct deposit for employees, keep in mind that not always is a basic checking account offered through your bank at work program the best option.
Many banks are trying to make up for fees they were collecting for overdrafts caused at ATM and also debit card transactions. The only way to make up for those revenue items will be to charge more at ATM and impose monthly maintenance fees for basic checking to most customers. Take a look at your bank statements and you will find fees to basic checking accounts are going up.
Payroll debit cards do not carry a monthly maintenance fee nor do they rely on overdrafts to create revenue. For your employees that are not able to maintain a basic checking account due to minimum balance requirements and other restrictions a payroll debit card is the best value.
When establishing direct deposit for employees, keep in mind that not always is a basic checking account offered through your bank at work program the best option.