by Scott Heimberg
Employees of ISU are about to experience a change of pace when it comes to receiving their paychecks.
No longer will employees be getting their paychecks at their place of employment. Starting July 31, employees will have to go over to the Student Accounts Building to claim their earnings.
This change is brought to the ISU community to encourage direct deposit. Authorization forms for direct deposit are available at the ISU payroll office in Hovey Hall.
David Hall, ISU payroll manager, said, “We are encouraging direct deposit to reduce costs, it is more secure and it is a better convenience.
“When an employee is on vacation, for example, their money will be directly deposited to their checking account,” he added.
The ISU Credit Union will be setting up checking accounts for direct deposit users, and they will have several ATMs around the community for easy monetary withdrawal.
“When participating in direct deposit, you would first need to choose a financial institution to have a checking account with and to be given a check card. We now offer this option for ISU employees,” Linda Miller, consumer loans manager at the ISU Credit Union, said.
“ISU gives us one big check and we distribute it electronically into the employee’s accounts,” she added.
Miller said employees would no longer be plagued by the worries that normally revolve around acquiring paychecks.
Lost and stolen paychecks will no longer be a problem, this is just a part of the benefits that come with a direct deposit account, she added.
“The money goes into your account fairly early in the day, so people will not have to go on their lunch break to deposit a paper check,” Miller said. “The money will already be in there.”
She said less responsibility and the ease of direct deposits seem to be the major factors for why the move has been made.
“It just simplifies things because everything happens automatically and electronically,” she said. “You will not have to go through the motions to acquire a paper check.”
She said some lending places are more lenient with first time accounts because they can take payment for loans or other obligations straight out of the account.
“Also, they know that they have direct deposits going into the account,” she said, “as opposed to not knowing where the person being loaned the money is getting money to pay the loan off.”