Interesting Facts and Stats Concerning Pay Cards

• 10 million households today are 'un-banked'
• 63% of un-banked employees surveyed by Visa in 2000 said they would be receptive to obtaining a Visa payroll debit card.
• 72% of Hispanic workers surveyed by Visa in 2000 said they would be receptive to obtaining a Visa payroll debit card.
• The American Payroll Association estimates four million checks are lost or stolen every year, costing employers 48 million dollars to replace.
• A study by NACHA reveals that employers save $1.28 per check converted to direct deposit.
• The American Payroll Association states that employees take an average of 15 minutes of work time every payday to gather a check. Many employers report that employees take even more time to leave work early or come back late from lunch to cash checks.
• The average cost of cashing a paper check is 1.5% to 5% of net pay. Un-banked Americans spend $8 billion annually in check cashing and financial services.
• According to a report released by the Comptroller of the Currency: payroll debit cards cost the employee an average of $72 per year... compared to $246 for check cashing.

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