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Released: February 25, 2011
Paper paychecks may become thing of the past
Source: Brian O'Connor, Detroit News
Kiss your paycheck goodbye, Michigan — literally. A law passed at the end of last year allows employers in the state to stop issuing paper paychecks and replace them with direct deposits to your bank or to hand out prepaid debit cards.
It’s the latest move away from living our financial lives on actual, tangible paper to trusting in the ephemeral deluge of ones and zeros that increasingly beams our bills and money across the ether of the digital financial world.
Backers of the move, which passed with little notice on Dec. 21, say it’s a winning deal all around: Employers save up to $1 for each paper check they eliminate and cut costs associated with payroll fraud and lost checks. And for those workers who are without bank accounts and had been getting paper paychecks, they now have cheaper access to their money without check-cashing fees, more security for their cash and a connection to the financial system.
Read Full Article: Paper paychecks may become thing of the past
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