Friday, November 2, 2001

Paychecks now accessible through CashPay
By Piper Huddleston
Staff Reporter

Murielle Wright, Human Resources benefits specialist, said that by using CashPay, a new payroll option offered through Bank of America, she is able to save time and keep better control of her money.

“On payday, I used to wait in lines at the bank to cash my check and then I would have to carry the cash with me,” Wright said. “CashPay has made managing money more convenient for me because I am able to withdraw only the amount of cash I need from my paycheck.”

TCU employees can access their paychecks with a CashPay ATM card by 9 a.m. on the Friday of payday. Debby Watson, director of payroll services, said the program is ideal for employees who do not have a checking account or do not want their pay deposited into their existing bank accounts.

So far, 30 TCU employees, 20 of whom are student employees, began using CashPay Oct. 12, Watson said.

Employees enrolled in the program may withdraw cash at no charge once during each two-week pay period at a Bank of America ATM, Watson said. Each additional withdrawal is assessed a $1.50 fee, she said, and employees will be charged if they use another institution’s ATM.

CashPay is not like a checking account because there are no overdraft fees, no checks and it is not possible to withdraw more money than is in the account, Watson said. Employees can make three account balance inquiries within a pay period without charge and they also receive an account statement from Bank of America, she said. By using CashPay, an employee can avoid check cashing fees and waiting in long lines at the bank on payday, Watson said. On an average Friday payday, she said 50 to 60 people can be waiting in line to cash a check at the Bank of America on S. University Drive.

Sarah Hoban, a sophomore business management major, said she chose to use CashPay because she can more easiy access her paychek through the Student Center ATM.

“I am from Fort Worth and on payday between my classes, I used to have to drive to my house, pick up my check, go to the bank and wait in line to cash my check so I would have money for the weekend,” Hoban said.

She said her only complaint is the fee for withdrawing money out more than once in a pay period, but the convenience of using CashPay is worth it.

Watson said she has received positive feedback and employees seem to be satisfied.
She said Bank of America officials approached Human Resources because they thought the program would be useful to TCU employees.

Piper Huddleston
k.p.huddleston@student.tcu.edu