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Being Unbanked State by State

via CNN Money


Odds are if you live in Mississippi, Texas, Arkansas, or Arizona you might not have a bank account. These states have the highest rates of unbanked individuals in the United States. If you run a business or do payroll in one of these states some of your employees won’t have traditional bank accounts and will require their paychecks to be in paper check form.

% of unbanked

  1. Mississippi 15.1

  2. Texas 12.8

  3. Arkansas 12.3

  4. Arizona 11.6

via CNN Money


The real costs of being unbanked to employers and employees

The average cost of printing and distributing paper checks is roughly $2.85-$3.15 per check per employee per pay period. Depending on the size of the company that cost can add up quickly. These costs don’t even factor in errors, reprints, and check fraud. Direct deposit through a pay card is the best way to avoid these costly mistakes.

Paper checks also present hidden costs for employees. The cost to cash a check is anywhere between $3-15 per paycheck, but that’s just where the costs begin. To pay bills most unbanked individuals have to spend $1-5 per money order per bill or if that’s not an option for them they have to physically drive or take public transit to the place to pay their bill in cash. All of these costs can be averted by using a payroll card and making their payments online or by using the bill pay function.


Providing a payroll card solution

Providing employees with the option of getting paid on a payroll card means that you’re saving money, your employees are saving money, and you’re even helping the environment out by reducing your paper consumption. In an age that’s becoming more digital every day why does it make sense to pay your employees with a paper check? The truth is, it doesn’t.


Payroll Laws, State by State

The way an employer or payroll management company would go about deploying payroll cards and offering this solution to employees will differ, state by state. If your business is considering payroll cards, please refer to our payroll state laws map.

Though many people are unbanked as a personal decision. It’s valuable to educate your unbanked employees about an alternate way to get paid. Payroll cards are a great tool to have in your business toolbox, they reduce payroll costs, saves your employees money and time, reduce the percentage of unbanked individuals in your state and best of all you can provide your employees with a tool that if used right could help them gain control of their finances.

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