Just the Facts

Interesting Facts and Stats

• 80 million consumers today are ‘un-banked’
• Nearly 30% of the U.S. population does not have a DDA account.
• 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.
• 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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