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Misplaced My Paycheck
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<blockquote data-quote="Southwestern" data-source="post: 936620" data-attributes="member: 33209"><p>Yes, EFT transfers are not instantaneous but in 2012 they are completed in less than 24-hours. You can bet that until the moment UPS moves payroll funds for disbursement, they're in a liquid investment account earning income of some type. Market rates stink, but even a 0.01% return will add up for a company that pays tens of millions in payroll each week. </p><p></p><p>Traditionally, companies maintain separate payroll accounts as to limit access to the funds. A company as large as UPS likely had a very large number of payroll accounts for various employee groups in various geographical regions (not just two as speculated). The biggest advantage of direct deposit is that UPS no longer needs to maintain these accounts; instead, funds are handed over to ADP for disbursement. Although UPS pays for this service, the cost of maintaining all those payroll accounts is exorbitant, thus UPS is likely saving tens of millions.</p><p></p><p>I last received a paper check when I switched banks but erroneously reported my new account number (on UPSers). The check was issued against a Citibank account. When I first hired into UPS as a 17-year-old, I received a paper check (not eligible for direct deposit at the time) written against a very large local/regional bank. I know this because I cashed my checks there <img src="/community/styles/default/xenforo/smilies/smile.png" class="smilie" loading="lazy" alt=":)" title="Smile :)" data-shortname=":)" />. Thus, I can conclude that UPS has been consolidating its payroll accounts.</p></blockquote><p></p>
[QUOTE="Southwestern, post: 936620, member: 33209"] Yes, EFT transfers are not instantaneous but in 2012 they are completed in less than 24-hours. You can bet that until the moment UPS moves payroll funds for disbursement, they're in a liquid investment account earning income of some type. Market rates stink, but even a 0.01% return will add up for a company that pays tens of millions in payroll each week. Traditionally, companies maintain separate payroll accounts as to limit access to the funds. A company as large as UPS likely had a very large number of payroll accounts for various employee groups in various geographical regions (not just two as speculated). The biggest advantage of direct deposit is that UPS no longer needs to maintain these accounts; instead, funds are handed over to ADP for disbursement. Although UPS pays for this service, the cost of maintaining all those payroll accounts is exorbitant, thus UPS is likely saving tens of millions. I last received a paper check when I switched banks but erroneously reported my new account number (on UPSers). The check was issued against a Citibank account. When I first hired into UPS as a 17-year-old, I received a paper check (not eligible for direct deposit at the time) written against a very large local/regional bank. I know this because I cashed my checks there :). Thus, I can conclude that UPS has been consolidating its payroll accounts. [/QUOTE]
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