While most companies offer direct
deposit programs, more sophisticated packages can provide access to loan discounts, personal credit lines,
closing cost savings on mortgages and nofee credit cards. “Everyone can have a
direct deposit, but that is only the beginning,” says Denise Merrell, Sky At Work
Specialist for Sky Bank in Akron and
Canton.
An At Work program bundles financial
services that address employees’ needs,
while catering to employers’ concerns for
reducing the number of paper checks distributed, reducing exposure to check fraud
and improving accounting efficiency,
Merrell says.
Smart Business discusses with Merrell
the benefits of such programs and what a
business owner should do to get started.
First, can you provide an update on the
Huntington/Sky Bank merger?
Huntington Bancshares Incorporated
merged with Sky Financial Group Inc. on
July 1, 2007, and, subject to receiving
approval by the Office of the Comptroller
of the Currency, the banks’ systems conversion is scheduled for late September.
This is when you will notice Sky Bank
signs changing to Huntington Bank. This is
an exciting merger. We will have many
more branch and ATM locations, and the
array of products that both banks provide
are a benefit to clients.
What is an At Work program?
It is a group-based program offered by an
employer in partnership with a financial
institution. An At Work program is truly a
cost saving for employers and employees.
Employees can get paid and do banking by
direct deposit. Employees each get checking accounts with no monthly fee, and they
have unlimited check writing capabilities,
no-fee check cards, free online banking
and bill pay. They can make unlimited ATM
withdrawals and take advantage of check
safe-keeping, overdraft protection, discounted loan rates and other conveniences. By having direct deposit through an
At Work program, employees eliminate the
inconvenience of having to go to a bank to
deposit or cash their checks. They don’t have to worry about taking time away from
their day off or lunch break — and the best
part is these free programs feature other
discounts and no-fee products.
What are the benefits of an At Work program
to the employer?
Employers save time and the expense
associated with issuing paper checks.
Additionally, this reduces or eliminates
exposure to check fraud and lost or stolen
checks. Paper checks that are not cashed
for weeks slow down the accounting
process, but with direct deposit, the transaction is immediate. Employers can feel
good about offering an At Work program in
that it provides the resources for employees to manage their finances and protect
their financial well-being. Employees truly
see this as a benefit, and they appreciate
that their employer is doing something
extra for them. The menu of products and
services employees get are difficult for
them to access as an individual simply
walking into the bank. The special offering
is something employees value.
Does a company have to be large in scale to
offer an At Work program to its employees?
The program is for any size company —
even a company with one employee. There are no costs associated with setting up the
program, so that one employee can benefit
from the same services that a business
with 300 employees gets.
How does a company inform its employees of
the program?
The best way is for the At Work representative to visit the company and present
the program to employees. That way, the
representative can answer questions and
provide online banking demonstrations
and employees can sign up for their At
Work account that day. They don’t have to
worry about opening the account on
Saturday or during their lunch break.
Business owners can also promote the program through payroll stuffers and direct-mail fliers provided by the financial institution. The goal is to make sign-up as easy as
possible for employers and employees.
Employers can implement an At Work
program by first contacting their relationship banker, such as their commercial
lender or business banker, who will put
them in touch with an At Work representative. The At Work professional will help
determine the best way to get the word out
to employees and help everyone at the
company take advantage of the program’s
benefits and discounts.
What should a business owner look for in an
At Work partner?
Employers should make sure that the
financial institution values service, first
and foremost. Service and accessibility are
critical to a successful At Work program
that employees will embrace. Also consider the convenience factor. Are bank ATMs
nearby, and are there branches conveniently located throughout the community?
Look for a program with an interest-bearing checking account. Employees work
hard for their money, and they should have
an opportunity to earn interest and realize
gains. Also, as technology plays such a significant role in our lives, the financial institution should have a user-friendly technology base for online banking and bill pay.
DENISE MERRELL is the Sky At Work Specialist for Sky
Bank in Akron and Canton. Reach her at (330) 628-8689 or
[email protected].