As of May 1, 2011, the US Social Security Administration begins making all non-tax payments electronically. ABLE Associates has been paying its employees electronically for two years already. Like the federal program, ABLE offers direct deposit to one or more bank accounts or a debit card for employees who may not have a banking account. Employees can elect to have their paychecks divided among any combination of checking and savings accounts, even in multiple banks. Paystub information is available by email or in hard copy in the ABLE office.
Electronic pay make sense for employees as well as for our environment.
Good for Employees
While paper checks are promises to pay; electronic pay is instant. The difference between the time checks are issued and the time they are cashed for money is the “float” that has been used by banks to finance other activities.
- Good for the Environment
Paper checks consume valuable resources (trees) and, after a single use, pile up in our growing waste stream. Where one check won’t hurt, billions of checks certainly do.
Congratulations, Social Security!