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State Reaches Goal in Direct Deposits of Payroll Checks

Contact: Bob King
860-703-3311 or 860-702-3300

State Comptroller Nancy Wyman and State Treasurer Christopher B. Burnham announced today that the direct deposit marketing campaign launched late last year has resulted in a 37% increase in direct deposit activity for state employees.

In an effort to further reduce the amount of paperwork facing state payroll officers, the direct deposit effort was undertaken jointly by Wyman and Burnham. The number of employees taking advantage of direct deposit is now 44 percent, up from 32 percent in 1995.

"Direct deposit is widely used in the private sector to streamline payroll functions," said Wyman. "The program makes life easier for everyone--payroll officers, managers, and employees alike."

"Direct deposit is consistent with our mission to increase efficiencies and economies throughout government," Burnham said.

Direct deposit has the potential to save the state money as well. For example, less special "security paper" check stock needs to be purchased. Direct deposit also "advances the certainty of cash flows and reduces bank fees," Burnham said.

Direct deposit is a more convenient and safe way to bank. Also, as part of the marketing effort, the state has made payroll funds available to employees on the same day their checks are issued. This is a change from past practice, when direct deposit funds were delayed by one day.

Virtually all banks in Connecticut cooperate with the state to allow direct deposit. The marketing campaign was conducted by nearly a dozen banks, with People's Bank taking the lead in organizing the effort.

Learn more about the Connecticut Comptroller's and Treasurer's Offices by calling up the State Home Page at the address http://vvv.osc.state.ct.us, or for information on the Comptroller's Office only, click on the link below.

For Immediate Release
July 11, 1996

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