Direct deposit allows employees to deposit funds directly from their paychecks to their checking or savings accounts. They can distribute a percentage of their income or their entire payroll check. They also have access to a self serve application that will allow them to print their own pay stubs.
Direct deposit with Source 5 cuts down on the expense of having to purchase envelopes, stamps, and paper checks. It even saves money on ink used for printing. Employers eliminate the possibility of lost checks in the mail and employees do not have to leave on their lunch break to cash their checks before the bank closes because it is already there.
Top Five Reason to have Direct Deposit
1. No need to sign checks
2. Freedom to be away from the office during payday
3. No check reconciliation
4. Employees don't need to go to the bank to deposit their check
5. Convenience, Convenience, Convenience!!!