Direct Deposit/ Automatic Transfer
Whether it's due to carelessness or a mail glitch or something else, many of
us have lost a paycheck at some point. Depending on where you work, it can be a
big pain to get a new check. With direct deposit of payroll, employees will
never lose their check and can have access to their money immediately without
making a trip to the bank. Employers can lower payroll process and check
reconciling costs. Direct deposits are made through a system maintained by the
Federal Reserve called Automated Clearinghouse(ACH). When your business signs up
for Direct Deposit, you will send us a file telling us the amounts and the
accounts to pay. The funds are electronically transferred from New Era Bank to
the receivers institution. The receiving institution then deposits the funds
into the account of the payee.
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