) Treasury Management unit recently introduced the BancorpSouth
Payroll Card. This is an alternative to the conventional method
of paying employees through checks. With the new payroll card,
employers can make payments to their staff electronically.
BANK OF KY FINL (BKYF): Get Free Report
BNC BANCORP (BNCN): Free Stock Analysis
BANCORPSOUTH (BXS): Free Stock Analysis
CUSTOMERS BANCP (CUUU): Get Free Report
To read this article on Zacks.com click here.
Management at BancorpSouth believes that the payroll card is
beneficial to both the employers and employees. It simplifies the
payroll process, lowering the processing and check fees for the
payers. On the other hand, it provides instant access to funds
without making the employees wait in queues or pay fees for
cashing of checks.
Through this card, the employers can also pay those staff members
who have no checking accounts. These cards can also be used at
ATMs and in stores as a debit card. Customers will also be able
to transfer funds from the card to their bank accounts.
We believe that payroll cards are beneficial to companies as it
involves a direct deposit. It shortens the processes of issuing
receipts that lengthens the payment of the salary for a certain
period. This results in lesser paperwork and significantly
reduces the expenses.
Mainstream banks have been striving hard with the new
regulations. Thus, they are looking for alternatives in an effort
to improve financials. These have led to major bank launching a
flurry of different types of cards - such as prepaid cards in
order to improve non-interest income. The introduction of the new
payroll card is one of such efforts.
BancorpSouth currently carries a Zacks Rank #3 (Hold). Other
southeast banks performing better than BancorpSouth and are worth
Bank of Kentucky Financial Corp.
Customers Bancorp, Inc.
). All these stocks carry a Zacks Rank #1 (Strong Buy).