1st Bank accounting question
Does anyone have first hand knowledge of the fees associated with a company direct depositing payroll with 1st Bank? (Not for the person receiving the funds; for the company making the deposit.) Obviously I could call them and ask, but I'm trying to avoid the sales pitch. I really just need to know whether or not it's feasible for us financially. Thanks!
How are you going to direct deposit, are you using quickbooks for example?
We just installed QuickBooks today, so yes -- that's the plan.
I believe Quickbooks will charge you a .99 a check for direct deposit or perhaps less is you have a very high volume of employees. First Bank should not charge you anything. That has been my experience with quickbooks direct deposit for employees. Now first bank may charge the employee something that I don't know. I know as a business they charge us $10 for every wire we get from a company.
OK. Thanks! I know it's free for the employee, so I guess we have to weigh the 99 cent charge.
I'm not sure I'm interpreting these rating correctly, but isn't CC = high default risk?
You will have some implementation issues doing direct deposit for your employees from QuickBooks if your company account is with FirstBank. Unfortunately it is impossible to export a file from QuickBooks with the right data for importing to FirstBank. I had to write some custom software to handle this, but there are commercial add-ons for QB that will work. That said if your payroll amounts don't fluctuate and/or you only have a few employees, then manual entry is an option. There are charges that apply for use of the FirstBank system and security tokens etc. Using QuickBooks direct deposit feature may be an easier option, yet this depends on which bank(s) your employees use. PM me for more info if needed.
I've only used their individual account but I know PayPal has business accounts as well. Might be worth looking into as a means of paying employees.
Never had any problems direct deposit money into employee accounts at first bank with quickbooks.
Thanks, everyone! After a little more research today, I found that Quickbooks charges its own $1.25 per check charge for direct deposit. That makes it pretty pricey with 80+ employees per payroll run, especially since we're non-profit.
Just to clarify (based on Hiya's response above) my coment about difficulties with quickbooks/firstbank was for those with corporate accounts at firstbank who want to use firstbank's direct deposit service, and run thier payroll from quickbooks.
Firstbank only accepts NACHA format files for uploads to thier online based ACH transfer system, and there is no native export function in quickbooks for that format without either writing your own custom software, or purchchasing an add-on package.
IshlandHops-That makes a lot more sense. I looked into first bank direct deposit early on and quickly realized it'a a headache I didn't want to deal with considering how poorly they do everything else.
Popflops-Sorry to hear QB went up. I only use it for owners or upper management. It's surprising how direct deposit can be a hiring perk, but not when you think about having to deal with the banks here.