Banking at the office

Employee benefit packages often play a
large role in businesses hiring the best
employees in the industry. A good benefits package can be what makes an
applicant choose your company over the
competition. Workplace banking is a service that employers can offer to employees
at no cost to the business.

Workplace banking is a financial solutions benefit. This is a voluntary program
that offers employees banking services
with discounted rates and incentives.
Products include free interest-bearing
checking accounts with no monthly fees,
unlimited ATM withdrawals and waived
mortgage application fees. Other offers
include periodic CD and rate specials,
overdraft protection and free online banking and bill pay.

In addition, there might be rate reductions on installment loans and no annual
fees on the bank’s credit card, according to
Rob Kruse, business banking team leader
for FirstMerit Bank in Columbus.

“Most people run in and out of banks and
do not have a relationship with their bank
representatives,” says Kruse. “These programs offer employees someone to sit
down with and talk to about their options
and how they can increase their wealth.”

Smart Business spoke with Kruse about
workplace banking and how it can benefit
employees.

Why should companies offer workplace
banking?

The cost of health care and insurance
coverage is an outrageous expense for
many companies. This program is a nice
added-value benefit the company can offer
at no expense. The program helps employees manage and increase personal wealth
and helps to make the employees feel
appreciated. It adds to the overall benefits
package for the employees and shows that
the company is concerned and wants to
see its employees be successful.

Workplace banking does not invade an
employee’s privacy. Though the company
is offering the program, it does not have
access to personal accounts or information. Once the company introduces and endorses the workplace program, the company no longer has any involvement with
personal financial records.

What should business owners look for when
selecting a bank to provide a workplace-banking program?

The program is intended to be an additional benefit to employees. Business
owners should research potential banks
before they enter into an agreement. You
may choose a bank where you already
have a business relationship. The bank
should have a good reputation in the
business world and in the community
and should provide a sense of stability
for employees.

As always, you want a bank that offers
excellent service and competitive rates.
Trust and reliability is also a necessary
factor to a successful program.

A bank should be able to offer easy
access if an employee already has
accounts with that bank. Employees
should not have to close existing
accounts. Rather they should be able to
change the account status so they are
provided with all the benefits of work-place banking.

How does workplace banking benefit
employees?

The program is designed for the employees. Ultimately, it saves them time in their
busy schedules. With services such as
direct deposit, employees gain immediate
access to paychecks and protection
against overdrafts. Some banks place a
hold on a portion of the deposit. With
workplace banking, an employee has
immediate access to funds and can set up
automatic bill pay to coincide with direct
deposits.

Workplace banking offers peace of mind
to employees, since this reduces the
chance of fraud or lost checks. The services also prevent the employee from being
tied down. Checks are deposited and bills
are paid the same time each month,
whether the account holder is at home or
on vacation. Workplace banking also saves
employees from fighting busy traffic or
going out in poor weather every time they
want to make a bank transaction.

Bank representatives visit companies
and conduct on-site presentations to introduce the bank and its programs.

Promotional materials are also sent to
employees as new products arise. This portion of the program is beneficial to all
employees, even if you do not enroll in the
program. Bank representatives offer educational information about products and
options for individuals and answer questions for employees.

Are employees tied to a particular branch?

The program does not require the use of
one certain branch or personal banker. You
can bank at any branch in the area or outside the city. Accounts are simply tagged as
a workplace-banking employee. The same
service and benefits are offered at every
branch.

ROB KRUSE is a business banking team leader at FirstMerit
Bank in Columbus. Reach him at [email protected] or
(614) 659-1278.