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Originally Posted by LuxLiving
Does anybody know how it costs if you just go down and make a regular deposit? I don't get this?????????????  |
This is what I found from the same study...
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Direct Deposit / Direct Payment General Information
June 2003
Copyright 2003 NACHA; All rights reserved
Page 4
Consumer Cost Savings of Direct Deposit
From the consumer’s viewpoint, there are costs savings when they use Direct Deposit for deposits to their account. When a consumer makes a deposit in person to his or her financial institution, he or she incurs the following costs:
Table 3: Consumer cost savings per Direct Deposit Cost
Sample calculation*
Time spent traveling to and from financial institution to make deposit
20 minutes @ $15 per hour = $5.00
Round-trip travel expense (using current IRS allowance of 36.5 cents per mile)
6 miles @ $0.365 = $2.19
Time spent waiting in line
5 minutes @ $15 per hour = $1.25
Total costs: $8.44
* These figures are for demonstration purposes only. Replace them with the
actual time spent, miles traveled, and consideration of the value of time.
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