HERNDON, Va.—In support of America Saves Week this week, the Electronic Payments Association is encouraging employees to enroll in Direct Deposit via ACH and authorize a split deposit of their pay, which will help to automatically grow savings.
In addition, NACHA also announced that it will commission a survey in partnership with the Consumer Federation of America (CFA) to further assess the benefits of Direct Deposit via ACH for employees. Direct Deposit via ACH, which provides for the electronic deposit of payroll, also enables split deposit, or the ability to divide pay between multiple accounts.
“Splitting their Direct Deposit offers employees an effective way to regularly put aside a fixed amount or percentage of their pay automatically and directly into savings and investment accounts for emergencies, planned expenses or retirement,” said Janet O. Estep, president and CEO of NACHA.