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 – Increasing the number of employees utilizing Direct Deposit reduces your costs of purchasing check stock and issuing and reconciling payroll checks.
- 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.
With a Payroll Card solution, you can greatly reduce the time you spend preparing your payroll and possibly reduce or even eliminate many payroll-related expenses, including:
- Payroll check printing, processing and distribution costs
- Lost/stolen check replacement fees
- Stop payment fees
- Payroll check fraud
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 Service options for your business, call us today at 800-322-3623 and we'll connect you with a First Midwest Business Banker.