Electronic Check Deposit Works for All

As the one-year anniversary for electronic check deposit nears, university payroll officials are heralding its success and urging more employees and students to take advantage of the program.

The program began in March 1996, and by December 1996, 95 percent of faculty and academic staff and 81 percent of classified staff chose to have their paychecks deposited electronically at banks or other financial institutions, says Donald L. Miner, assistant vice chancellor for business services. Student participation averages about 60 percent.

“We’re making progress, and that’s what we wanted to do,” he says.

More progress can be made, however, and Miner is encouraging employees and students who aren’t using the service to avail themselves of the opportunity. He notes the service is free and eliminates the need for faculty and staff to find time to deposit their paychecks. Instead, the money is available at their financial institution by 10 a.m. on payday. The service also eliminates the risk of a paycheck being lost, stolen or forged, he says.

Richard C. Laufenberg, director of employee compensation and benefits services, estimates the university will save $30,000 each year in staff time and reduced paper and postage costs, thanks to electronic check deposit. Savings from the program have been reallocated to help provide better counseling to employees about their fringe benefits, Miner says.

Employees seeking more information about electronic check deposit should obtain a promotional brochure and sign-up form from their departmental payroll coordinator or contact Employee Compensation and Benefits Services at 265-2257.