First Midwest Bank offers comprehensive payroll services to help meet the unique needs of your business. Whether you require a completely outsourced solution or want to keep your payroll processing in-house with an automated payroll deposit system, we'll help you choose a platform that's cost-effective for you and flexible for your employees.
This payroll service offers you a safe, convenient method for eliminating the time-consuming and costly paperwork associated with paying your employees with checks. Direct deposit will electronically deposit each of your employees' net pay into a checking or savings account at the financial institution of their choice. The advantages of direct deposit include:
- Streamlined Payroll Process: Your company saves the time and expense related to check printing, preparing, signing and distribution. This service provides peace of mind, knowing that deposits will be processed accurately, reliably and on time.
- Reduced Costs: Cost of purchasing check stock as well as the issuing and reconciling of checks is reduced or eliminated.
- Employee Benefits: Direct deposit is a low-cost employee benefit that reflects a progressive image of the employer. Funds are made available to your employees on payday, even if they are traveling on company business or on vacation.
- Stronger Security: Lost or stolen checks (with resulting stop payments and reissues) are eliminated, as well as the necessity for storing blank and canceled checks.
A Payroll Card acts as standard debit and ATM cards, conveniently replacing payroll checks. By issuing cards instead of checks, your business may save the cost of creating and mailing checks, as well as eliminate additional costs associated with replacing a lost or stolen check. This service is a unique benefit to those employees that may not maintain traditional bank accounts or may not participate in a direct deposit program.
Wages are deposited to a payroll card account via direct deposit, and the employee uses the card to withdraw cash at an ATM or purchase goods and services.
For more information about payroll services for your business, contact us at 800-322-3623 and we'll connect you with a First Midwest Business Banker.