The Times West Virginian

Business

August 18, 2013

Direct deposit, West Virginia Pay Card options for state employees

FAIRMONT — As state government moves away from paper paychecks and focuses on direct deposit, another electronic option is being offered.

Misty Price, deputy treasurer of cash management with the West Virginia State Treasurer’s Office, explained that state employees now have two choices for how to receive their paychecks. They can either select direct deposit or a new alternative called the West Virginia Pay Card.

State Treasurer John Perdue and State Auditor Glen Gainer and their offices have been working together for several months to make the West Virginia Pay Card an option for workers. This is a reloadable, prepaid Visa card, and funds are automatically loaded onto the card each pay day, Price said.

She said the employee can go to any ATM within the Visa network to withdraw cash, or visit any Visa bank to take all or part of their paycheck off the card — with no fees applied. The West Virginia Pay Card can also be used to make purchases, just like any other debit card.

Right now, approximately 4,000 state employees receive paper checks. Those individuals will have until Oct. 1 to decided if they want to switch to direct deposit or receive the pay card, Price said. Oct. 31 will be the first time wages are loaded onto the card.

Gainer said 91 percent of all public employees currently receive their paychecks via direct deposit. More than 30 state agencies are close to 100 percent direct deposit.

“We’ve got tremendous participation and agencies that have really worked hard to move their employees to direct deposit,” he said.

A few state agencies don’t have those high percentages, which pulls the state’s overall average down, he said. Gainer believes about 97 or 98 percent of employees will be on direct deposit after Oct. 1, and the rest will use the West Virginia Pay Card.

The state always encourages employees to use direct deposit, which is the safest and soundest way to receive payments, he said. But if they choose not to have a checking account or banking relationship, the pay card will provide security to them.

“We’re doing it as a benefit to our employees,” Gainer said. “This will bring them into the banking environment.”

Plus, finding places that will cash paper paychecks is becoming rare, and employees are often charged check-cashing fees, he said. The pay card takes away those hassles.

Instead of getting a piece of paper to take to the bank to get money, the employee will already have wages on

the card in their wallet. The person can use it as a true banking card throughout the pay cycle and year, instead of having to worry about carrying around a lot of cash.

Part of the reason why Gainer and Perdue are making this move now is because West Virginia is in the middle of implementing a new administrative system across state government called wvOASIS, or Our Advanced Solution with Integrated Systems. Gainer said law also requires that all wages at the state level be paid via direct deposit or pay card.

“The state will save a tremendous amount of money by making the changeover,” Price said.

She said the enhancements from wvOASIS will save the state about $500,000, plus other savings from the cost of paper and printing supplies for checks and employee time.

“From a government perspective, it’s much more efficient,” Gainer said. “We spend a lot of money and a lot of time dealing with lost and stolen checks (and reissuing them). It really is a safer and a more sound way.”

The state is getting out of the check-writing business and moving into the electronic payment age. Now, the only payment that allows for a traditional check is income tax refunds, Gainer said.

“We’re just trying to keep West Virginia moving in the right direction and adopting best business practices and operate as efficiently as we possibly can,” he said.

Price said she’s heard from some people who are excited to have the West Virginia Pay Card, and others who don’t want to change. But individuals seem to be more open to the pay card once they learn about its many options.

The website wvpaycard.com is kept up-to-date with the most recent information about the West Virginia Pay Card and which banks and ATMs people can visit free of charge.

“The more informed they are, the better they feel,” she said.

Email Jessica Borders at jborders@timeswv.com or follow her on Twitter @JBordersTWV.

1
Text Only
Business
  • ‘L-gov’ program of West Virginia Treasurer’s Office providing many benefits

    The “L-gov” program of the West Virginia State Treasurer’s Office is providing many benefits to governmental entities across the state, including the City of Fairmont.
    L-gov, which is an abbreviation for local government, helps cities, towns, school boards, public service districts and other entities process their bills in a streamlined, efficient way.

    July 27, 2014

  • Cardinal Tax Services-JB.jpg Helping people focus of Cardinal Tax Services

    At Cardinal Tax Services LLC, Wendy Cutlip is doing what she enjoys — helping people.
    Cutlip, owner and Registered Tax Return Preparer, opened her new business in White Hall at the beginning of June. It is located in the Mountain Gate Business Park, which is along Route 250 South just past Fabric and Foam and next to the Sunoco.

    July 27, 2014 1 Photo

  • Your chocolate addiction is only going to get more expensive

    For nearly two years, cocoa prices have been on the rise. Finally, that's affecting the price you pay for a bar of chocolate - and there's reason to believe it's only the beginning.

    July 22, 2014

  • Wal-Mart to cut prices more aggressively in back-to-school push

    Wal-Mart Stores plans to cut prices more aggressively during this year's back-to-school season and will add inventory to its online store as the chain battles retailers for student spending.

    July 22, 2014

  • Morgantown’s housing expenses exceed national average

    The housing prices in Morgantown are driving the city’s cost of living above the national average, a new survey reports.
    John Deskins, director of the West Virginia University College of Business and Economics’ Bureau of Business and Economic Research (BBER), explained that the Council for Community and Economic Research (C2ER) orchestrates data collection in 288 cities across the country.

    July 20, 2014

  • JA Used Furniture-JB.jpg J.A. Used Furniture has valuable variety

    J.A. Used Furniture in Fairmont carries items that people need — all at low prices.
    Owner Ron Dray officially opened the doors of his new business, located at 10 Locust Ave., toward the end of December. He explained that the “J.A.” initials in the store’s name stand for the names of his two granddaughters, Jordan and Adriauna.

    July 20, 2014 1 Photo

  • Backbone Security, T&T Pump Co. among 37 state companies recognized

    Two Marion County companies were recently celebrated for their continued successes in exporting.
    Backbone Security and T&T Pump Co., both in Fairmont, were among the 37 West Virginia companies that Gov. Earl Ray Tomblin, Cabinet Secretary Keith Burdette, the West Virginia Development Office and the West Virginia Export Council recently acknowledged for expanding their business to new parts of the world. An awards presentation was held in Charleston on June 24.

    July 13, 2014

  • All Things Herbal-JB.jpg All Things Herbal health and wellness shop

    All Things Herbal Local Market is a one-stop, health and wellness shop.
    Owner Christa Blais officially opened her new business in downtown Fairmont at 327 Adams St., across from Veterans’ Square, on June 6 during Main Street Fairmont’s First Friday event.

    July 13, 2014 1 Photo

  • 3-D printing continuing to revolutionize manufacturing

    As 3-D printing is revolutionizing manufacturing, the Robert C. Byrd Institute for Advanced Flexible Manufacturing continues to stay at the forefront of this technology.
    RCBI has three Advanced Manufacturing Technology Centers, located in Bridgeport, Charleston and Huntington.

    July 6, 2014

  • Blackheart International -JB.jpg Blackheart International bringing high-quality services

    Blackheart International, a firearms manufacturer and provider of logistics and training solutions, is bringing high-quality services to the local community.
    At the beginning of April, the company moved from Philippi, where it had been located since 2005, to its new home in Fairmont.

    July 6, 2014 1 Photo

Featured Ads
NDN Business
House Ads