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CU cuts out checks, moves to paycards
CU pay is going increasingly green in 2014, starting with how it pays employees. As early as this spring, any employee who hasn’t enrolled in CU’s direct deposit payroll program will receive his or her money on a university-issued paycard, delivered to the employee’s homes.
The cards will function similarly to a debit card; employees may activate their paycards, then use them to pay bills, transfer and withdraw funds, and more. They also will be able to check fund balances and report problems online or by phone.
The new payroll option will help CU save money in paycheck printing costs, and will provide employees a more secure means of receiving their earnings through an FDIC-insured account, says Lisa Affleck, director of CU Employee Services’ Technologies and Production team.
Paycards also are more resilient than paper paychecks, which can easily get lost amid other pieces of mail and disintegrate in the wash.
You can help your employees enroll in CU’s direct deposit program at any time by directing them to CU’s Payroll Direct Deposit Authorization Form, which they can submit to Employee Services.
Other 2014 green initiatives:
- CU’s payroll staff is replacing physical pay advices with electronic versions, available online through the CU employee portal.
- Employee Services is encouraging people to use its soon-to-be-launched website to complete forms electronically rather than printing physical ones.