SWACHA Celebrates National Payroll Week September 3-7

Dallas, TX, September 06, 2012 --(PR.com)-- Dallas-based SWACHA, one of the largest not-for-profit regional payments associations in the country, is celebrating National Payroll Week, September 3 - 7, 2012 by encouraging all of America’s employers to offer employees a Direct Deposit via ACH and Split Deposit option and urging employees to choose to use it.

“Direct Deposit via ACH is the most efficient, cost-effective, and environmentally friendly method for paying employees,” said Dennis Simmons, AAP, President and CEO of SWACHA. “But employers can help employees take this a step further by also offering the option to use Split Deposit through their payroll system, where they can choose to automatically direct a portion of their paycheck into a savings account. This is an effective savings tool because employees can save money first instead of waiting until the end of the month when there may be nothing left to save.”

While Direct Deposit via ACH is widely used according to SWACHA’s Consumer Insights Survey with 85 percent of those surveyed saying they use this service through their employer, Split Deposit is just starting to catch on. Only 32 percent of those surveyed are using it to move money into a savings account on a monthly basis.

SWACHA’s Consumer Insights Survey also indicated that 31 percent of those who use Split Deposit transfer more than 25 percent of their paychecks into a savings account, which is significantly higher than the national savings rate.

“Hopefully, through efforts such as National Payroll Week we will see the usage for both services rapidly increase in the next few years and SWACHA is proud to be a part of that effort,” said Simmons.

National Payroll Week was created by the American Payroll Association in 1996 to help America’s workers understand more about their paychecks, the payroll withholding system and other payroll-driven benefits. It celebrates the hard work by America's 156 million wage earners and the payroll professionals who pay them. Together, through the payroll withholding system, they contribute, collect, report and deposit approximately $1.7 trillion, or 71.9 percent of the annual revenue of the U.S. Treasury.

SWACHA-The Electronic Payments Resource®, is one of the largest not-for-profit regional payments associations in the country with approximately 1,100 members across the Southwest. SWACHA is the resource of choice for financial institutions and corporations in the areas of education, training, payments system risks and knowledge about electronic payments. For more information visit:

Web: www.swacha.org
Facebook: www.facebook.com/bringingpaymentstogether
Twitter: @SWACHA
Granado Communications Group
Chris Martin