Paying your Employees
A large factor in choosing First Bank of the Palm Beaches as your business’ primary bank is often paying your employees. Some businesses pay their employees with checks and any banks charge $10 to cash checks for non-customers, even if it is their own check. While First Bank certainly does not charge this fee, we offer other services that make it more convenient to pay your employees and still do business with our bank.
If your business is located relatively close to our location in downtown West Palm Beach, your employees can come to our bank during regular business hours and cash their pay checks without the $10 fee that goes along with that at many other banks. Your employees work hard, don’t put them in a situation where they get an hours’ worth of work taken from them by your bank.
There are a number of ways to accomplish direct deposit for your employees. First, payroll services such as Paychex and ADP are convenient, cheap and they handle many of your payroll tax issues for you. First Bank maintains relationships with a few reputable payroll providers if you would like advice along those lines.
In addition to traditional payroll processing, First Bank has ACH payments available if you would prefer not to outsource your payroll but still offer direct deposit. Our Cash Management product is simple and convenient to use. Enter your payroll amounts into the system on a Thursday and have the funds available directly in their bank accounts on a Friday.
Transfers to another Bank
Many business customers choose First Bank for their primary account but are not located nearby. Those businesses might also issue paper checks to employees making it difficult for them to come by the bank to cash those checks. First Bank can easily setup an electronic transfer to another bank where you maintain a separate payroll account. You can then get the convenience and benefits of a banking relationship with First Bank while your employees can have more convenient branch locations available to them to cash their checks.