Bad weather and business continuity - put paycards in your toolchest

Storm clouds roil overhead and with one call your foreman has the emergency generator ready to go, just in case. Or snow starts to pile up to the window ledges and you don't have to wonder how your workers will get to the office, because your business continuity plan has a skeletal crew of workers in the building while the rest work from home.

These two scenarios show how business continuity plans are essential to your peace of mind. Even something as simple as making sure that all management has a list of home numbers for all staff can make a difference.

Another simple solution? A Directo payroll card program with MyStub electronic paystubs. You can pay your workers no matter where they are, and because Directo accounts are FDIC insured, with funds held in an FDIC member bank, you know their funds are safe.

Start your plan today! Call Jim McCarthy at 770.810.6505, or email him at jmccarthy@directo.net.

Unbanked? Need an account? Your local bank may not be able to help, according to the FDIC.

According to the American Banker, the FDIC released a study last Thursday that says 73% of banking institutions polled knew about “unreached populations” in their regions, but 70% did not think that extending services to them was a priority.

The study goes on to say that most banks offer basic financial education, but that’s it. Interestingly, only 14% of the 700 institutions surveyed said that they offered payroll cards through their business partners. Payroll cards offer benefits to both employers and their unbanked workers, cutting payroll costs while offering financial security for employees.

Directo’s paycard offers all of this and more, allowing unbanked workers freedom from check cashers as well as the safety of a bank account with funds held in an FDIC member bank. For banks that wish to expand their product offering to commercial clients, the Directo paycard program is an easy win which costs them nothing, is supported entirely by Directo, yet earns them goodwill from the community and CRA credit. - ed

FDIC Vice Chairman Martin Gruenberg is quoted in the article, saying “Many banks don’t actually have strategies in place to target and reach out to those populations effectively…a market opportunity that…in many cases isn’t being fully taken advantage of…” and that although accounts are available for the unbanked, they’re limited and don’t meet the needs of unbanked people, such as low fees, and being able to accept direct deposit of payroll.

It’s tough being unbanked in today’s harsh economic climate. With Directo, relief is just a paycard away. For banks and employers, the free program is just a phone call or email away. Contact Jim McCarthy at 770.810.6502 or email jmccarthy@directo.net