Fintech Accounts for Direct Deposit Advisory
As your trusted payroll processing partner, we are committed to helping you deliver timely, secure, and reliable pay to your employees. With the rise of fintech-based accounts (e.g., digital-only banks, prepaid debit cards, app-based financial services), we want to issue a formal advisory regarding the risks and limitations associated with using these accounts for direct deposit.
We strongly recommend that all direct deposit accounts used for payroll purposes be established with traditional FDIC- or NCUA-insured financial institutions: i.e., established banks or credit unions.
Read more about our recommendation along with an explanation of why we need to make an advisory statement.
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