How to give your staff a raise at no cost

In the age of direct deposit and emailed encrypted pay stubs there are still many U.S. workers that don't have bank accounts. This fact has been a boon for "alternative financial service" industry better known as check cashing stores. Unfortunately, this causes pain that workers may believe they just have to live with.

Be a super hero and give you un-banked employees an instant raise.

Partner with your bank: Invite your banker in to talk to your staff. Have them educate on the value of having a bank account. It is key that people are educated on the safety of FDIC insured accounts. Many people who are new to America often don't trust the banking system so they choose to deal strictly in cash where ever possible. The conversation should end with a comparison between account fees and fees associated with retail check cashing.

Offer Pay cards: Pay cards are debit cards that are loaded with an employee's net pay each period via direct deposit. The cards are usually marked with a major provider's logo like Visa so they are widely accepted. Common transactions like cash withdrawals and purchases are free. Other transactions like transferring money do have fees. If managed properly an employee will come out ahead compared to check cashing services.

The money your staff can save in check cashing fees by having a bank account or pay card can have a material effect on their day to day lives. Employ better payment methods, every dollar counts.