Three out of four employees use direct deposit for payroll and one out of four still receive paper checks, said a new survey from NACHA, the electronic payments association. The survey revealed a 2% increase in direct deposit use, from 72% to 74%, and 71% of employees cite convenience as their primary reason for using direct deposit.
The survey, which was conducted from a random sample of 3,502 respondents, also found 17% of employees are splitting their direct deposit funds over two accounts, which is a 3% increase from 2010.
NACHA said those 83% of employees who do not split their direct deposits into multiple accounts are missing out on a simple way to save. According to a 2007 NACHA survey, employees save 30% more on average when they deposit money into their savings accounts through a split direct deposit as opposed to making manual deposits.
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