Printer Friendly

VALENTINE'S DAY NIGHTMARE: NO FLOWERS, CHAMPAGNE, DINNER; BROKEN HEARTS, BROKEN PROMISES: PAYCHECK GRIDLOCK PREDICTED FEB. 14 & 28

VALENTINE'S DAY NIGHTMARE: NO FLOWERS, CHAMPAGNE, DINNER; BROKEN HEARTS, BROKEN PROMISES: PAYCHECK GRIDLOCK PREDICTED FEB. 14 & 28
 PITTSBURGH, Feb. 13 /PRNewswire/ -- You're planning a special Valentine's dinner, a night out on the town or a getaway weekend. It's President's weekend, you're going skiing, or heading off to an island or spending the week quietly at home. And, you're getting a paycheck Feb. 14. What terrific timing, right? Wrong.
 That's because this Valentine's Day falls on a "Lost Friday." "Lost Fridays" occur when people who normally get paid weekly, every other week and twice a month, all get paid on the same day. This phenomenon occurs three or four times each year and usually translates into gridlock for 85 million Americans who have to make a special trip to their financial institution to deposit or cash their paychecks.
 "The only people who won't have to worry about cashing a paycheck are the 25 percent of the American work force who use direct deposit for their pay," said Martha J. Agona, president of Tri-State ACH Association and assistant vice president at Mellon Bank. "They don't have to go to a bank or ATM to deposit a check and can get cash in thousands of locations around the world, whenever it's convenient."
 With a combination of Valentine's Day and the long Washington Birthday weekend, Americans can expect to spend more time than usual trying to cash or deposit their paychecks on Feb. 14 and again of Feb. 28.
 "We're trying to alert people about "Lost Fridays" phenomenon so it won't ruin their plans," said Agona. "Valentine's Day is the most romantic day of the year and coupled with Washington's Birthday we expect up to 85 million people will try to cash a paycheck."
 And if you don't get your paycheck on Feb. 14:
 -- You lose at least three days worth of interest; and,
 -- You won't get a paycheck until Feb. 18.
 For businesses, the news isn't much better:
 -- Employees are less productive as a result of the additional time spent cashing and depositing paychecks on payday.
 Tri-State ACH Association, its members, government agencies and affiliated organizations are in the fourth year of a nationwide program to educate consumers and businesses about the benefits of direct deposit of payroll, dividends, pensions and annuities and social security. As a result of the campaign, 14 million wage-earners have signed up for direct deposit since 1989.
 Direct deposit is now used by over 25 percent of employees since April of 1989. The number of companies offering DDP has also increased with more than 120,000 companies offering direct deposit. Companies that offer direct deposit can save up to $1.25 per transaction each payday in administrative costs and increased productivity.
 "Since we began our campaign to promote direct deposit almost three years ago, we've increased participation from 11 million to over 25 million," said Joseph Schneider, marketing committee chairman for Tri-State ACH Association and vice president of Equibank. "While we're pleased with the growth of direct deposit, we still have a long way to go to get participation at the same level of industrialized countries in Europe and Asia.
 "We still need to educate consumers that direct deposit saves time and will have their pay available on payday, without delay," Schneider explained. "The benefits are so compelling to both business and consumers we believe a direct deposit sign-up form will eventually be as common as a W-2, and a part of every new employee reference kit."
 Since 1989, over 30 million consumer brochures have been distributed. The U.S. Government outpaces the private sector with a 70 percent participation rate for direct deposit of payroll and over half of senior citizens now get their regular social security payments via direct deposit.
 Tri-State ACH Association is a trade association which, through its membership in the National Automated Clearing House Association, helps form the cooperative foundation for the automated clearing house (ACH) payments system. This system consists of 42 local member ACH associations nationwide. Tri-State ACH Association currently processes 41 million transactions a year through low-cost, efficient funds transfer for more than 140 local financial institutions and millions of consumers.
 -0- 2/13/92
 /CONTACT: Anne M. Andrews of Tri-State Automated Clearing House, 412-926-3853/ CO: Tri-State Automated Clearing House Association ST: Pennsylvania IN: FIN SU:


CD -- PG003 -- 9541 02/13/92 08:04 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 13, 1992
Words:725
Previous Article:TEXAS WATER COMMISSION ORDERS EXPEDITED TIMETABLE FOR HIFI PERMITS PROCESS
Next Article:CENTEX TELEMANAGEMENT REPORTS FULL-YEAR AND FOURTH QUARTER 1991 RESULTS
Topics:


Related Articles
STAFF BUILDERS HOME HEALTH 'SWEETHEARTS OF '95' A HEARTWARMING LOVE STORY FOR VALENTINE'S DAY
Let love rule on Valentine's.
Travel: VALENTINE BREAKS.
VALENTINE BREAKS.
Rendezvous for romance; UK HOLIDAY EXTRA.
PLAN EARLY FOR ROMANCE BREAK.
Survey Shows Chocolates, Flowers and Cuddly Toys Are Out and Sexy Underwear, Weekend Breaks and Romantic Dinners Are in This Valentines Day.
Late breaks.
Korbel Champagne Unveils Top Ten Tips to Make Her (or Him!) Bubble Over With Joy This Valentine's Day; Thoughtful Touches Will Surprise Your Sweetie...
Love is in the air; Travel The credit crunch may be biting but, as Valentine's Day approaches, Ken Bennett discovers love is still in the air.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters