By switching to direct deposit, businesses can save an average of $176.55 per employee each year, according to a new study from NACHA, the electronic payment association.
Companies in the United States save $605 million annually through direct deposit, the group said. Two out of three employees now use the payment method, a 20% increase over the past two years.
Still, 22 million employed Americans don't have access to direct deposit, NACHA said, citing a 2008 survey from the Consumer Federation of America. Three out of four employees said they would use it if they had the option.
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