Category: Employee Benefit

  • Be a Human Resource Superhero by Providing Your Staff with an ATM at Work!

    Your employees are using an ATM and chances are they are spending a great deal of their paycheck on fees to obtain cash. 

    Many Human Resource professionals recognize this and that’s why having ATM in the building to give their staff easy access to cash — surcharge-free — is becoming one of the hottest new employees benefits being offered by employers.

    Having an ATM on-site Saves Employees Time and Money, Keeps Staff at Work and provides a Convenient and Safe Environment for employees to do their banking. And best of all ATMatWork offers ATM options that are Hassle-Free and, in most cases, less than what you pay in insurance for one employee each month.

    Contact the payment professionals at ATMatWork to get started. 

  • Give Your Paycard Employees More Money…Without Spending a Fortune

    The mortgage crash of 2008 did a lot more than cause a recession. It created a long-lasting anti-financial institution mindset in a large chunk of America’s younger generation. This change in behavior has led to a gradual increase in the un- and under-banked throughout the US – a number now floating around the 15 million mark.

    As Millennials begins dominating the workforce, many employers are faced with the dilemma of finding ways to pay them. Where many in older generations enjoyed the benefits of direct deposit, a lack of bank accounts for younger workers has resulted in a surge of payments by check. However, a study from Workforce Institute at Kronos reported paychecks arrive late for about 15% of Americans and 25% of respondents reported regular receipt of incorrect payment.

    It is for exactly these reasons that many businesses have come to rely on the ability to direct pay employees. But, with the rise in un- and under-banked workers, employers are struggling to bring all of their employees into the digital payments fold. The solution for many? The paycards or payroll card.

    The idea behind use of paycards is simple. Employers have an electronic way to provide fast funds disbursement as well as an easy way to quickly resolve pay discrepancies. In return, employees have immediate access to their funds on payday, rather than having to take the time to deposit or cash a check. As an added benefit, most paycards utilize the rails of major card networks, allowing the cards to be used for debit transactions.

    But, just like checks, paycards are not all sunshine and rainbows. Similar to some bank accounts, there are many paycards that also issue fees to their cardholders. Some of the most popular fee-incurring situations include an ATM usage fee, card replacement fees and low balance fees. In some cases, there are additional charges for not using the card over a certain period of time. In short, they may “have their money” but they have a great deal of difficulty accessing it without loosing a chunk of their earnings to fees.

    Fortunately, there are several easy ways for businesses using payroll cards or paycards to help their employees avoid fees while better managing their funds.

    • Promote Use of Surcharge-Free ATM Networks – Most major paycards are also members of one or more surcharge-free networks such as Allpoint, MoneyPass and CU Alliance. These networks provide nationwide cash access at participating ATMs. Employers can provide a link to the ATM the locator app and information for any network associated with their payroll cards as well as maps, flyers and other reminders to their employees paid via paycards.

    • Encourage Financial Health – Employers can host workshops and knowledge sessions for paycards employees that help inform attendees about the steps to financial health and freedom including budgeting, investments and knowledge of the fees associated with their payroll cards…as well as ways to avoid them.

    • On-Site ATMs – An ATM in the workplace provides safe, secure access to cash in a convenient location. The machine can be loaded with one of the surcharge-free networks associated with the paycard in use on-site, offering employees a fee-free way to access their funds – on payday or any day.

    Employees often need access to their money right away. However, without a bank account to initiate direct deposit, paycards are one of the only ways to ensure this convenience. Helping employees avoid these additional costs through education, information and on-site ATM programs not only encourages financial independence – it puts more money in the employee’s pockets.

    One of the hottest new benefits being offered by employers, having an ATM on-site saves employees time and money, keeps staff at work and provides a convenient and safe environment for employees to do their banking.

    ATM options include:

    • Surcharge-Free for Everyone

    • Allpoint or MoneyPass Surcharge-Free Networks

    • Bank or Credit Union Branded

    • Generic ATM

    And best of all the ATM is hassle-free and, in most cases, less than what you pay for insurance for one employee each month.

  • 3 Tips to Helping Employees Deal with Financial Crisis

    Nearly half of Americans (46%) would struggle to cover an emergency expense costing $400, according to the May 2016 “Report on the Economic Well-Being of U.S. Households in 2015” from the Federal Reserve Board. When faced with a $400 bill, a large number of respondents reported they would either need to sell something or borrow money to cover the expense.

    The issue of emergency funds spans income levels. According to a poll conducted by The Associated Press-NORC Center for Public Affairs Research, three-quarters of households making less than $50,000 per year and two-thirds of those making $50-100,000 per year would have difficulty covering an unexpected $1,000. Of households making more than $100,000 per year, some 38 percent would have similar difficulties.

    Faced with unexpected expenses, American’s report a variety of solutions to scrape together the money required. These include selling items or assets; borrowing from a bank, friends or family; charging to a credit card; and, in extreme cases, borrowing from payday lenders.

    Part of this financial insecurity is the tendency for American’s to avoid savings – a potential holdover from the 1970s and 1980s when inflation ate into the value of money held in savings accounts. Contributing to this continued mentality is a lack of standard financial education and a combination of volatile income and expenses.

    The combination of unknowns creates a situation in which even small emergencies can create a financial crisis. Lower income individuals, those lacking available credit and people with friends and/or family troubles may find money emergencies especially worrisome.

    Fortunately, there are ways for employers to help alleviate financial stress for employees so they can better focus on their work.

    • On-Site ATMs – Providing cash access at the office can be a big relief. Whether they utilize a bank account, prepaid cards or payroll access cards, employees can review account balances and access their funds in the safety of a trusted, indoor location without the need to utilize valuable time or fuel.

    • Financial Education – Employers can partner with local financial institutions to provide valuable education on appropriately managing household finances. Classes can include information on debt management, the importance of emergency funds, building your credit and preparing for retirement.

    • Money Earned® Options – Implementing a “money earned access” program can help employees avoid resorting to high interest rate credit cards and predatory payday lenders. These systems provide employees with the ability to utilize funds based on hours they have already worked but for which they have not yet been paid. Money is paid out when needed and the equivalent amount is subtracted from their next paycheck. Unlike payday loans, money earned systems cap payouts to 50 percent or less of the employees available wages and charge a one-time fee rather than ongoing interest.

    Many Americans continue to live paycheck-to-paycheck, with little to no savings. Under these circumstances financial education and affordable solutions like the Money Earned program are more important than ever to ensure employee piece of mind.

    ATMatWork offers the Money Earned® program to Empower employees to handle unexpected expenses or financial crisis without resorting to high interest payday loans. Learn More>>