NACHA Celebrates America Saves Week on Feb. 22-27 and Encourages Saving Through Direct Deposit via ACH and Split Deposit

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82 percent of U.S. workers receive their regular pay using Direct Deposit via ACH

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America Saves Week promotes the importance and effectiveness of saving automatically, and split deposit is one of the best ways to improve one’s money management and save for one’s long-term financial future.

In support of America Saves Week on Feb. 22-27, NACHA — The Electronic Payments Association® encourages employees to enroll in Direct Deposit via ACH and make use of split deposit — helpful tools to automatically grow savings.

Direct Deposit via ACH, which provides for the electronic deposit of payroll, also enables split deposit, or the ability to divide pay between multiple accounts. According to the results of a soon-to-be-released survey conducted on behalf of NACHA and the Consumer Federation of America by Javelin Strategy and Research, 82 percent of U.S. workers ─ crossing age, income and other demographic categories ─ receive their regular pay using Direct Deposit via ACH. Nearly one in four employees (24 percent) split their payroll deposits, typically placing their deposit in a checking account and also designating a portion of funds to go to a savings account, 401(k), business account, money market or to a prepaid card.

“Direct Deposit via ACH, which facilitates the use of split deposit, is simple, safe and flexible,” said Scott M. Lang, AAP, senior vice president, Association Services at NACHA. “To help individuals more fully realize these benefits, we encourage employers and financial institutions to promote split deposit as a way to regularly put aside a fixed amount or percentage of their pay automatically and directly into savings and investment accounts for emergencies, planned expenses or retirement.”

“America Saves Week promotes the importance and effectiveness of saving automatically, and split deposit is one of the best ways to improve one’s money management and save for one’s long-term financial future,” said George Barany, director of Financial Education for America Saves, a national campaign managed by the nonprofit Consumer Federation of America.

For more information, tools and resources on Direct Deposit via ACH and split deposit, please visit http://www.electronicpayments.org. To learn more about America Saves Week, visit http://www.americasavesweek.org.

About America Saves Week
America Saves Week is coordinated America Saves and the American Savings Education Council. Started in 2007, the Week is an annual opportunity for organizations to promote good savings behavior and a chance for individuals to assess their own saving status. Typically thousands of organizations participate in the Week, reaching millions of people.

America Saves
America Saves, a campaign managed by the nonprofit Consumer Federation of America uses the principles of behavioral economics and social marketing to motivate, encourage and support low- to moderate-income households to save money, reduce debt and build wealth. America Saves encourages individuals and families to take the America Saves pledge and organizations to promote savings year-round and during America Saves Week. Learn more at americasaves.org and americasavesweek.org. The Consumer Federation of America is a nonprofit association of more than 270 consumer groups that was established in 1968 to advance the consumer interest through research, advocacy and education.

NACHA — The Electronic Payments Association
Since 1974, NACHA – The Electronic Payments Association has served as trustee of the ACH Network, managing the development, administration and rules for the payment network that universally connects all 12,000 financial institutions in the U.S. The Network, which moves money and information directly from one bank account to another, supports more than 90 percent of the total value of all retail electronic payments in the U.S. Through its collaborative, self-governing model, education, and inclusive engagement of ACH Network participants, NACHA facilitates the expansion and diversification of electronic payments, supporting Direct Deposit and Direct Payment via ACH transactions, including ACH credit and debit payments, recurring and one-time payments; government, consumer and business transactions; international payments, and payments plus payment-related information. Through NACHA’s expertise and leadership, the ACH Network is now one of the largest, safest, and most reliable systems in the world, creating value and enabling innovation for all participants. Visit nacha.org for more information.

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Kendra Beasley
NACHA - The Electronic Payments Association
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