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A Thing Direct Deposit
Direct Deposit

 

Have you seen this symbol? Do you know what it is? It's the new logo of the Direct Deposit Coalition.

You will see the logo on materials from the Federal Reserve, NACHA, and other ACH associations as well as the Treasury Department.

"We are working with organizations across the country to get the logo placed everywhere consumers may see it - on tax forms, payroll stubs, bank windows, magazine ads, and Web sites," says Richard Oliver, senior vice president of the Atlanta Federal Reserve Bank and a spokesperson for the Direct Deposit Coalition. "We hope this symbol quickly becomes instantly recognizable to all consumers."

The good news according to the Direct Deposit Coalition is that companies can save up to $1.25 per payment and the government can save $.41 per payment when direct deposit is used. The bad news is, in America, just 46 percent of employees use direct deposit, which may also tell us something about how difficult it will be to get paper checks out of the hands of consumers. (If you think Americans are touchy about giving up their right to bear arms, consider giving up handling their paychecks or even giving up check writing.)

On a related note the fed has also found that use of direct payment by businesses has many problems in common with the use of direct deposit of paychecks by consumers.

In a survey conducted by the Federal Reserve, "Lack of Need" was given as an answer to why businesses did not offer direct payment 39% of the time, with the second most common response (28%) being "Customers are not interested in Direct Payment." The next three most common responses were "Too time-consuming to change" (13%), "Too expensive" (4%) and "Other" (16%).

For guidelines on using the logo, call (888) 737-9444. For additional information about the Direct Deposit Coalition, access http://www.directdeposit.org. For information on the A Summary of Consumer and Business Attitudes on Direct Deposit and Direct Payment, see the complete study at www.stls.frb.org/banking/ach.

 

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