channel solution

Service Comparison Chart — Workplace Solution

By eliminating workforce money worries, that take attention off of task, a company's potential gains in workforce productivity could amount to as much as $781,120 a year, based on 15,625 man hours at $50/hr with 250 employees.*

Service		Bank	Leading Large Retailer	Major Payday Loan Company
ATM	$2	$2+ (no charge if account holder)	$2-$3	Not a Core Service
access to money earned from payroll	Money Earned Fee of $7.50 per $100 NO APR money earned paid back next pay period	$20- MAX lesser of $500 or half of Total of Direct Deposit rounded up nearest $100 (Advance on Direct Deposit)***	Not a Core Service	Rate: Rates vary from $20-$25 per $100 loan PLUS an additional ~10% annual interest rate in some cases Late Charges: Greater of 5% of the payment amount or $7.50, if in default for 10 days or more. Dishonored Item Charge: $30.00***
Bill Pay Domestic	$1 - $4	Checking Account or Online Service for account holders only	Standard - $0.88, Next Day - $1.88, Express - starting at $4.50 ?	Via Money Transfer (Not a Core Service)
Bill Pay International	Future service (fees will be competitive)	Via Money Transfer	Via Money Transfer	Via Money Transfer (Not a Core Service)
Money Transfer Intl.	$10 flat fee (no float, no hold, Forex rate locked in at purchase)	$30**‡	International: Starting at $9.46**‡	Mexico – Upward of $10**‡
Money Transfer Dom.	$10 flat fee (no float, no hold,)	$20	Domestic: Starting from $12.00 ($34.50 for $500),	Domestic – Upward of $12
Check Cashing (Payroll)	Furure Service Payroll, Gov. starting at $3	$5 Business Payroll	$3 for checks up to $1,000 $6 for checks above $1,000	Generally varies from 1% - 3% of the check amount
Pre Paid Card	Future service (fees will be competitive)	Gift Card via account only	Card Fee: $3.00 Recharge: $3 with Cash & Debit Free with check cashing	Initial Card Fee: up to $4 per new card Recharge Fee: up to $3 per recharge Transaction Fee: $1-$2 per credit trx, $2 per PIN trx, $3 per ATM; Free with fixed fee of $9.95/month or $69.95/year
Convenience	Free	Time off from wage earning, travel to and from location, vehicle wear or transit costs, tolls. Business production costs if time taken off from work. Costs from attention off of job*	Time off from wage earning, travel to and from location, vehicle wear or transit costs, tolls. Business production costs if time taken off from work. Costs from attention off of job*	Time off from wage earning, travel to and from location, vehicle wear or transit costs, tolls. Business production costs if time taken off from work. Costs from attention off of job*
Other Qualifiers		Bank	Leading Large Retailer	Major Payday Loan Company
Bank Account Required	N	Y	N	Y
Late Fee Charges	N	Y	NA	Y
Check/ACH-bounce charges	N	Y	NA	Y
Keep track of the loan	N	Y	NA	Y
Access to Checking A/C	N	Y	NA	Y

**May involve “float or hold”
‡Possible exchange rate loss may apply
? Limited list of billers only (ie, Credit cards, Mortgage, Cellular Phone, Insurance, Car Payments)
***revolving debt triggers, punitive penalties for breach
* “...economically-stressed employees spend 75 minutes per week (or 62.5 hours in a 50-week work year) on an employer’s dime, worrying about their own bottom line, rather than doing productive work to enhance their company’s bottom line.” ...Alliant Credit Union’s 2008 white paper on “American Workers Struggle to Attain Financial Security”