First Federal provides turn-key direct deposit services to reduce the time and costs of paying your employees with checks. Through our online direct deposit services, you can schedule automatic, hassle-free deposits into your employees' accounts on the morning of paydays.
With multiple access and audit levels, your company can ensure that your direct deposits are double-checked, verified, and approved by authorized employees before going out.
Employee Advantage is the employee banking program designed to increase your benefits program and lower your payroll costs through higher direct deposit participation.
With Employee Advantage, your employees can have their pay deposited directly into a First Federal checking account, even if they’ve been denied a checking account in the past. This saves you the hassle and costs of creating payroll checks for employees who do not have checking accounts. For your employees, this program gives them a fresh start in banking including checks, a debit card, access to over 2,000 fee-free ATMs, online banking and bill pay, and much more.
As an Employee Advantage company, your staff receives a number of special benefits afforded to them because of their employment with your company. To participate in the program, your employees simply open a checking account with First Federal, let us know that they’re an employee of your company, and then give you their routing/transit and account number information for direct deposit.
Once in the program, your employees are eligible for a number of benefits, including:
Employee Advantage customers also receive a number of other benefits, including one NSF fee refund, a free box of checks, and more. Should you become an Employee Advantage company, First Federal provides full marketing support for the program, including brochures for your benefits packages, on-site presentations, open enrollment consultation and more.
- $100 Anniversary Bonus—a $100 credit will be made to the employee’s account within the month of the 1-year anniversary of opening their account.
- Mortgage Closing Cost Discount—your employees will receive a discount of $250 off our standard closing costs for Mortgage Center loans, excluding KHC loans.
- Consumer Loan Rate Discount—your employees will receive a 1/4% rate discount on any consumer loan they receive from First Federal, excluding Home Equity Lines of Credit.
Health Savings Accounts
First Federal provides Health Savings Accounts (HSAs) that, when combined with a qualified High Deductable Health Plan (HDHP), let your company offer your employees affordable health coverage.
An HSA account can receive contributions on a tax-deferred basis on behalf of an eligible individual and allows tax-free distributions used to pay for qualified medical expenses.
Our HSA makes it simple for you and your employees to participate. We manage the entire process for your business, including sending monthly statements, issuing a Visa debit card and HSA checks to your employees to make qualified medical payments, and providing 24/7 online and telephone employee access to their accounts.
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