Latest news with #payroll
Yahoo
19 hours ago
- Business
- Yahoo
What is a checking account?
Checking accounts are commonly used for paying bills, writing checks, making debit card purchases and ATM cash withdrawals. A checking account can also serve as a place to receive your payroll direct deposit as well as to send money digitally to friends and family. Checking accounts are often covered by federal deposit insurance. Most checking accounts don't bear interest. A checking account is a bank account that's designed to be the hub of your financial life, making it easy to deposit money into these accounts and withdraw funds, as needed. Even though it's possible you don't write out checks often these days, a checking account still has many uses. A checking account can help you manage your money. Here are some common uses for a checking account: Bill payment (online, automatic or by check) Check writing Debit card transactions Electronic funds transfer to savings or investment accounts Payroll direct deposit Withdrawing cash at an ATM Sending wire transfers and person-to-person payments (e.g. Zelle and Venmo) Having money debited for a cashier's check or a money order Unlike savings accounts, checking accounts don't limit the number of transactions you can make or charge fees for excessive transactions. This makes checking accounts a good place for money you plan to use in the near future, such as for paying bills or making debit card transactions. Checking accounts have features that can help you manage daily transactions. Here are a few common features you'll typically find: Debit card access. A checking account provides a debit card linked to the account. This makes electronic purchases and ATM withdrawals possible. Online and mobile banking. Many bank accounts allow account management through the internet or mobile apps. This way, customers can check balances, transfer money, pay bills, and deposit checks. Overdraft protection. Overdraft protection helps bridge the gap by covering transactions that exceed the account balance. This isn't an automatic service, you have to opt in to this program because you might be on the hook for a fee if you do overdraft. Many banks allow you to link to another account to transfer funds to cover an overdraft transaction (and some banks have eliminated or reduced overdraft fees). Direct deposit. The direct deposit feature allows account holders to electronically deposit income directly into the checking account. Some financial institutions allow early access to funds through direct deposit. Check writing. Although checks aren't as popular as they used to be, many checking accounts still offer the ability to write physical checks. Some checking accounts are checkless, meaning that they .omit the ability for consumers to write checks against such an account. If you're planning to write checks with your new checking account, make sure it has check-writing privileges. Bankrate's take: Checkless checking accounts This type of checking account is a good option for minors, those who've been rejected for a traditional checking account or for someone looking to open an additional transaction account to be used for debit card transactions or other electronic payment types. Learn more about checkless checking and how it works. Checking accounts keep your money safe and accessible, and they make it easy to automate your money management. Using a checking account debit card for purchases can be safer than carrying around large amounts of cash, which can help protect your money should your wallet become lost or stolen. Consider using a credit card instead of a debit card because credit cards offer more protection. For example, if you lose your credit card and report the loss after an unauthorized person uses it, the maximum it might cost you is $50. But with a debit card, the amount it will cost you depends on how quickly you report the incident, according to the FTC. If your checking account is with a federally insured bank or credit union, your money is safe, even if your insured financial institution fails, as long as your balance is within the established limits and guidelines. Through the Federal Deposit Insurance (FDIC) or National Credit Union Share Insurance Fund (NCUSIF), funds are insured for up to $250,000 per depositor/share owner, per insured financial institution, per ownership category. A checking account makes it easy to access your money using a debit or ATM card, checks and online payment features. It can be used for everything from retail purchases to rent or mortgage payment to automated bill payments. If you need to pay your friends or family, many checking accounts feature a peer-to-peer transfer service, such as Zelle, that you can use from your smartphone or computer. You can also link your account to other services like Venmo to make quick transfers. Checking accounts make it easy to automate money management. You can set up direct deposit, for example, so paychecks are automatically credited to your account, eliminating the need to manually deposit your funds each time you get paid. You can also set up automatic payments so that money is deducted to pay your regular expenses, such as credit card, utilities and other bills on their due dates. Bankrate's take: Automation can also help you save. Consider having some of your paycheck deposited into a high-yield savings account and the rest deposited into your checking account. This is called split-deposit, also known as paying yourself first, and it can put your savings on autopilot. Overdrafts can occur when you withdraw more money from your account than you actually have in it and your balance dips below zero. The overdraft fees the bank charges you to cover your payment can be expensive. Many checking accounts offer overdraft protection, which automatically transfers funds from your savings account or a line of credit when your checking account is overdrawn. Overdraft protection can allow your payment or debit to go through and if your bank has forgiving policies, help you avoid the associated fees, too. A checking account is best for making day-to-day financial transactions, while a savings account is a good place for funds set aside for emergencies, or financial goals such as a vacation or a new car purchase. Feature Checking account Savings account Debit card Yes Not usually Check writing Yes No Interest rate Low or none Higher (with the best accounts) Minimum balance requirements Varies (often low or none) Varies (potentially higher than checking accounts) Typical use Daily transactions Saving money Primary useA checking account is typically used for money you'll spend, whereas a savings account holds money you're holding onto. InterestMany checking accounts earn no annual percentage yield (APY), while those that bear interest often pay a minimal rate or require you to jump through hoops to earn a higher one (such as making a certain number of debit card transactions per month). Savings accounts typically earn an APY, though the rate varies by bank. Limits on transfersWhile a checking account allows for an unlimited number of transactions, savings accounts limit transfers to six a month in some cases. In April 2020, the Federal Reserve amended Regulation D to remove the six-transfer limit requirement, but some banks still choose to impose this limit. Bankrate's take: It can be the best of both worlds having your checking account at a brick-and-mortar bank and a high-yield savings account at an online-only bank. This way, you're able to walk into a bank for checking issues or to make cash deposits while earning a competitive yield on your savings at the online bank. When shopping around for the right checking account, pay attention to what fees may be charged. While free checking accounts are widely available, many checking accounts do charge fees, and some common ones include: Monthly maintenance fees: Not all checking accounts have these, and those that do may waive them when you meet certain requirements, such as signing up for direct deposit, maintaining a minimum balance or making a set number of debit-card purchases. ATM fees: Your bank may provide its own ATMs or give you access to a network of fee-free ATMs like Allpoint or MoneyPass. Using ATMs outside the network could result in fees from your bank as well as the ATM owner. Some banks reimburse up to a set amount of these fees each month, and you can also avoid them by getting cash back from a debit card purchase instead of using an ATM. Overdraft fees: Withdrawing more money than you have in your checking account can result in an overdraft fee if you enroll in overdraft protection. The average overdraft fee is a hefty $27.08, according to a 2024 Bankrate study. You can avoid these automatic fees by opting out of them with your bank, whereby the bank will return payments as unpaid that overdraw the account. You can also choose to enroll in overdraft protection if your bank offers any free ways to use it – such as linking a savings account to cover transactions. Or choose a bank that doesn't charge overdraft fees, such as Capital One or Ally Bank. Here's a rundown of some of the different types of checking accounts: Best for: Everyday banking needsThese accounts normally provide checks, a debit or ATM card and online bill payment access. Some charge maintenance fees, which are often waivable by meeting set requirements. Overdraft protection may be provided to cover payments that would otherwise have overdrawn the account. Best for: Earning interest and everyday banking needsInterest-bearing checking accounts often allow you to earn an APY in exchange for having your paycheck directly deposited or making a minimum number of monthly debit card transactions (though some banks, such as Ally and Capital One, pay a little interest without any restrictions). The APYs earned by many interest checking accounts, however, are only a fraction of what the best high-yield savings accounts earn. Best for: Students in their teens or 20sOften available to students in their teens or 20s, the best student checking accounts offer perks to anyone learning to manage their money, such as overdraft forgiveness, free checks, no maintenance fees or the reimbursement of ATM fees. Best for: Individuals 55 and older looking for banking perksSenior checking accounts offer benefits attractive to those ages 55 or older, such as free checks and money orders, as well as fees that are easy to waive. If you're looking for these perks, however, you might find them in many traditional checking accounts as well. Best for: Those denied traditional checking accounts due to past banking issuesAnyone who has been denied a traditional checking account based on a history of excessive overdrafts or unpaid overdrawn balances might consider a second-chance checking account. These accounts often impose certain restrictions and fees, yet some allow customers to move to a traditional checking account after handling the second-chance account responsibly for a defined period. You can find second-chance accounts at banks like Wells Fargo and Varo. Best for: A person who's able to meet higher balance requirementsIn return for keeping a relatively large balance with a bank, you're offered perks such as a safe deposit box discount, fees waived or ATM-fee reimbursement. Banks that offer a free safe deposit box for premium checking customers usually offer this on their 3-inch x 5-inch boxes. This type of account might also help you earn some interest on your checking balance. Best for: People with businesses that need to keep business funds and transactions separate from their personal bankingHaving a business checking account is one way to have the ability to accept credit card payments from customers. Business banking also offers you limited personal liability protection, according to the U.S. Small Business Administration and the FDIC. A checking account allows frequent access to funds and is used for daily transactions, like purchases made with a debit card or electronic transfers. These accounts often permit unlimited transactions, making them a good choice for bill payments and purchases. Checking accounts don't usually offer high interest rates on balances, especially when you compare them with high-yield savings accounts. Instead, checking accounts tend to focus on convenience and liquidity. They may come with monthly fees, although many banks offer ways to waive these charges based on factors such as account balance. There are various factors to consider when shopping around for a checking account: These fees can eat away at your balance over time, but it's not hard to find a free checking account that doesn't charge these fees. Those that charge service fees often make them easy to avoid when you maintain a set minimum balance. See more: Best checking accounts The total average out-of-network ATM fee is $4.77, Bankrate's latest ATM Study found. This includes the average surcharge from the ATM's owner as well as one from a consumer's own bank. To avoid such fees, choose a bank that offers plenty of its own ATMs, one that belongs to a large ATM network or one that reimburses you ATM fees. If you prefer to do most or all of your banking online, it can pay to find a checking account at a bank that offers mobile check deposit, online bill pay and a peer-to-peer payment option. Compare: Best banks and credit unions for mobile banking Those who prefer in-person banking should open a checking account at a bank that ma Bankrate's take Online banks that have a checking account tend to offer accounts that don't have a monthly service fee. Consider these accounts if you're being charged fees. If a checking account charges a service fee, make sure it's one you can easily waive, such as by maintaining a set minimum balance or receiving direct deposit. Once you've shopped around and chosen a checking account, you can start the process of filling out an application, which typically involves providing some personal information and a government-issued ID, such as a driver's you're funding your new account from your old checking account, you'll also need both the routing number and account number for your old account. This information will enable your new bank to transfer funds from your old account to the new one. Your bank might also let you use a debit card to deposit money into your new checking account. If you're opening an account in person, you might be able to make your initial deposit with a check or cash. After your account is open and ready to use, take the time to understand its features. Sign up for online banking, download your bank's app, and set up automated payments and direct deposit. Review the latest statement from your old bank to ensure you haven't missed transferring any automated payments from the old account to the new one. Also, update your employer's payroll manager with your new account information to ensure your direct payroll deposit goes to the correct account. Human resources can usually help make that change. Once a couple of months have passed with no automatic bill payments from your old account, you should be ready to close it and continue on with only the new checking account. If your old account charges a monthly fee though, make sure you continue to meet the requirements to waive it while you wait to close the account. Many of the biggest moments in your life likely have one thing in common: a checking account was probably involved in the transaction. Be sure to find the right checking account for you, whether it's one that has a robust ATM network, charges no fees or offers the ability to earn interest. Once you find the account that suits your needs, you'll appreciate how a checking account enables you to handle your day-to-day finances. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Wamda
a day ago
- Business
- Wamda
Algerian startup Talenteo raises six-figure round backed by 216 Capital
Algeria-based HRTech Talenteo has raised an undisclosed investment from 216 Capital. Founded in 2022 by Tarik Metnani and Louai Djaffer, Talenteo offers a comprehensive SaaS platform for human resources and payroll management tailored to the unique needs of African SMEs and midsized companies. The new six-figure investment will support Talenteo's entry into Tunisia, accelerate product development, and fuel expansion across Francophone Africa. Press release: Tunisia-based venture capital firm 216 Capital has announced a strategic investment in Talenteo, an HR Tech startup founded in Algeria. Talenteo offers a comprehensive SaaS platform for human resources and payroll management tailored to the unique needs of African SMEs and mid-sized companies (ETIs). This investment marks a significant step in Talenteo's journey toward becoming a key digital HR player across the continent. By 2030, Africa is projected to host more than 1 billion working-age individuals, making it the largest talent pool globally. With over 80% of jobs created by SMEs and ETIs, efficient HR and payroll management is critical for performance, compliance, and competitiveness. Talenteo addresses this challenge with a solution designed specifically for the realities of African markets. Already trusted by 150+ companies and over 10,000 active users, Talenteo's platform combines AI, local legal frameworks, and process automation to streamline: Employee administration Time and payroll management Talent development Regulatory compliance The platform helps HR teams reduce time spent on repetitive tasks while enhancing strategic decision-making in a rapidly evolving legal and economic landscape. 'We believe company success stems from investing in people,' said Louai Djaffer, CEO of Talenteo. 'Talenteo was built to help African businesses digitalise their HR processes in support of growth and impact.' Fueling Pan-African Growth with New Investment The six-figure round, led by 216 Capital, will enable Talenteo to: 'Talenteo is the kind of innovation we aim to support — locally rooted, scalable, and built to meet the operational realities of African enterprises,' said Dhekra Khelifi, Partner at 216 Capital Ventures.
Globe and Mail
2 days ago
- Business
- Globe and Mail
Texas Businesses Tap IBN Technologies' Outsourcing Payroll Services to Reduce Manual Load
"Outsourcing Payroll Services [USA]" Texas companies embrace outsourcing payroll services to increase operational flexibility, maintain accurate payroll cycles, and support strategic growth planning. With reliable payroll processing, firms ensure compliance and strengthening control across evolving workforce models. Miami, Florida, 18 June 2025 - Business leaders are investing in process optimization as part of long-term growth plans. A major focus area is payroll management, where expectations around accuracy, timeliness, and scalability continue to grow. Companies are turning to proven strategies like outsourcing payroll services to reduce internal workloads and enable more efficient operations. Reliable systems that handle the payroll process for businesses have become essential to maintain consistency and support smooth workforce operations. Finance teams can now focus on high-impact initiatives while maintaining clarity in payroll operations. This change is bringing new solutions to the forefront—models built to support business goals without compromising control. Experts from IBN Technologies are offering outsourced payroll services across Texas, enabling finance teams to focus on strategy while relying on professional partners to handle payroll administration with accuracy, reliability, and a service-first approach. Looking for a strategy for your payroll process? Scaling Payroll Systems As more businesses grow across Texas, outdated payroll methods are proving unsustainable. Leaders are confronting daily challenges around compliance, cost, and reporting, prompting a shift in how payroll is approached, especially as the demand for both small business payroll and corporate payroll services increases. Manual payroll tasks increase turnaround times and risk Interstate compliance differences cause confusion In-house teams often miss specialized tax and filing skills Software limitations lead to data privacy issues Irregular payroll reports delay audit readiness Finance and HR roles become overstretched In-house payroll teams grow expensive as businesses expand Incomplete system integration slows monthly closings To overcome these challenges, companies are adopting smarter payroll workflows. Leading partners such as IBN Technologies deliver efficient, well-structured outsourcing models that match the pace of business growth across Texas, supporting accurate, compliant, and scalable payroll execution. Enhancing Workforce Compensation Delivery Organizations are increasingly adopting outsourced payroll models to create smoother internal workflows and ensure timely employee compensation. As teams seek clarity and structure in financial operations, customized payroll solutions are becoming key to managing growing administrative expectations. ✅ Full-service payroll processing enables timely salary distribution and transparent deduction handling ✅ Tax compliance is managed seamlessly at all levels, reducing filing complexities and keeping operations aligned ✅ Administrative support streamlines tasks and gives internal teams more time to focus on core initiatives ✅ Cross-border payroll options and currency compliance aid international workforce management ✅ Ongoing regulatory tracking ensures businesses meet legal requirements and avoid complications ✅ Service plans are tailored to suit small business payroll needs and enterprise-scale corporate payroll services ✅ Payroll data synchronizes with accounting and HR systems, improving oversight and consistency This shift toward streamlined payroll delivery enables business leaders to focus on value-generating operations while maintaining accurate financial records. Through trusted partnerships with providers like IBN Technologies, organizations benefit from structured, compliant, and scalable payroll outsourcing services tailored to today's evolving business dynamics. Strategic Gains from Payroll Experts Organizations adopting outsourced payroll services report stronger operational consistency and fewer regulatory setbacks. Experts point to providers like IBN Technologies as key partners in this efficiency-focused evolution. 95% report smoother year-end reporting and cleaner audits Companies typically reduce payroll spending by 20% or more with expert help The IBN Technologies team offers guided support built around clarity, scalability, and compliance. For companies looking to align operations with long-term growth goals, this route continues to provide measurable value. Ajay Mehta, CEO of IBN Technologies, explains, 'Efficient, reliable payroll isn't optional—it's foundational. Businesses rely on specialized support to ensure precision every step of the way.' Strengthening Growth Planning Firms across Texas are adopting a more strategic approach to managing finance functions, particularly payroll. As compensation models evolve with business complexity, leaders are exploring the benefits of outsourcing payroll services. This change is creating measurable improvements in both operational delivery and long-term planning. The externalization of payroll reduces friction in everyday tasks. Internal teams are able to focus on core roles while gaining the assurance that compliance and accuracy are maintained. Structured payroll processing supports smoother pay cycles, better forecasting, and improved transparency across departments. This is increasingly critical as Texas firms expand into new markets or adapt to shifting workforce patterns. Adopting outsourced payroll is not simply about cost; it's about smarter decision-making, process integrity, and resource optimization. The companies making this move are seeing enhanced coordination and fewer performance setbacks, especially in periods of growth or transition. Success in this area depends on strong partnerships. That's why businesses in Texas are turning to experienced Payroll service providers with a track record of results. IBN Technologies leads the way—serving customized outsourcing payroll services that align with both strategic goals and the day-to-day realities of growing businesses across the region. About IBN Technologies IBN Technologies LLC, an outsourcing specialist with 25 years of experience, serves clients across the United States, United Kingdom, Middle East, and India. Renowned for its expertise in RPA, Intelligent process automation includes AP Automation services like P2P, Q2C, and Record-to-Report. IBN Technologies provides solutions compliant with ISO 9001:2015, 27001:2022, CMMI-5, and GDPR standards. The company has established itself as a leading provider of IT, KPO, and BPO outsourcing services in finance and accounting, including CPAs, hedge funds, alternative investments, banking, travel, human resources, and retail industries. It offers customized solutions that drive AR efficiency and growth. Media Contact Company Name: IBN Technologies LLC Contact Person: Pradip Email: Send Email Phone: +1 844-644-8440 Address: 66, West Flagler Street Suite 900 Miami, FL, USA 33130 City: Miami State: Florida Country: United States Website:
Yahoo
3 days ago
- Business
- Yahoo
Daxko and Netchex Unveil New Integration to Simplify Payroll and HR for Health & Fitness Clubs
Daxko has teamed up with Netchex to deliver an efficient, automated payroll experience for club operators. BIRMINGHAM, Ala. and COVINGTON, La., June 17, 2025 /PRNewswire/ -- Daxko, the leading software and integrated payments solution provider in the health and wellness industry, and Netchex, a top provider of cloud-based payroll and human capital management (HCM) solutions, are excited to announce the launch of a live integration between Daxko Club Automation and Netchex. This powerful new integration streamlines payroll processing and time entry for health and fitness clubs by enabling seamless data exchange between the two systems. With this integration, Netchex can automatically pull payroll and timesheet data directly from Daxko Club Automation reports, eliminating the need for manual data entry. By removing manual steps and potential errors, the integration significantly improves payroll accuracy and efficiency—saving valuable time for HR and payroll teams. This collaboration reflects both companies' shared commitment to delivering modern, efficient, and integrated solutions that help fitness clubs run better, smarter, and more effortlessly."By integrating Daxko Club Automation & Netchex, we help HR teams cut down on errors, save hours of work each week, and simplify their day-to-day operations. Simply put, the comprehensive integration makes Netchex the #1 choice for any health club looking for a payroll & HCM solution," said Abhinav Agrawal, Chief Product & Technology Officer at Netchex. Key benefits of the Daxko Club Automation & Netchex integration include: Eliminate Manual Data Entry – Netchex automatically pulls pay and timesheet data from Daxko Club Automation, reducing the risk of errors and saving valuable time spent on manual data entry. Seamless Data Exchange – The integration allows for smooth data transfer, improving payroll accuracy and reducing administrative workload. Boost Payroll Efficiency – HR and payroll teams will benefit from faster processing times and fewer errors, enhancing overall productivity and efficiency. Enhanced Reporting and Insights – With automated data syncing, both Daxko Club Automation and Netchex can generate more accurate, real-time reports to better inform business decisions. "This integration with Netchex is a powerful example of how we're building smarter, more connected tools to simplify operations for customers," said Wendy White, Chief Marketing & Partner Officer at Daxko. "Payroll shouldn't be a pain point. With this integration, we're eliminating time-consuming manual work and giving clubs an efficient and more accurate way to manage their teams." Learn more on how the Daxko Club Automation and Netchex integration can streamline your club's payroll and HCM processes here. About Daxko: Daxko powers the world's leading fitness and wellness organizations, providing innovative technology that maximizes productivity, increases engagement, and drives sustainable growth. With a comprehensive suite of software solutions, including operations automation, payment processing, and member engagement tools, Daxko helps businesses scale with confidence. Backed by deep industry expertise and a commitment to long-term success, Daxko partners with fitness clubs, boutique studios, YMCAs, and wellness centers to create thriving communities where individuals can reach their full potential. For more information, visit About Netchex: Netchex is a leading provider of cloud-based payroll, HR, and benefits solutions, helping businesses streamline workforce management with powerful tools and exceptional service. From onboarding and timekeeping to payroll processing and benefits administration, Netchex delivers a comprehensive platform built for accuracy, simplicity, and growth. Trusted by thousands of organizations across the country, Netchex empowers teams to focus more on their people—and less on paperwork. Learn more at View original content to download multimedia: SOURCE Netchex
Finextra
4 days ago
- Business
- Finextra
CloudPay debuts 'out-of-the-box' payroll system for mid-size businesses
CloudPay, the global leader in payroll and payments solutions, has unveiled a brand new 'out of the box' payroll solution, designed specifically for midsize businesses to streamline and simplify payroll processes. 0 The solution is easy to launch, easy to use, and ready for growth as businesses scale up into new countries or new entities. This new powerful, fully cloud-based payroll solution is industry-leading, featuring: • Fixed scope, fixed fee packages to provide clarity, certainty and control • Fast, hassle-free implementation and onboarding within 60 days, with ready-to-go single country set-up to accelerate value generation • Intuitive, easy-to-manage experience with a digitally-based platform to manage new hires, payroll, payments and changes, reducing operational dependency and shortening resolution time - with expert support on hand when required • Built-in global compliance backed by deep local expertise and automated tax and labour rules, minimising legal risks and providing clarity on in-country regulations • Integrations that work simply with HCMs and other data sources, eliminating rework and manual processing Designed to operate in tandem with tailored HCM solutions, CloudPay's release demonstrates how a payroll solution can work seamlessly with HCM technology to create a simple and effective solution. This builds on the recent best-in-class integration with Workday's Global Payroll Connect (GPC) solution. John Pearce, Chief Customer Officer at CloudPay, comments: 'We are excited to launch this new proposition specifically aimed at midsized businesses - it is utterly unique. A ready-to-go payroll solution that streamlines and simplifies payroll processes, keeps pace with changing regulatory frameworks worldwide, with the option to scale in line with business growth, is arguably the silver bullet many organisations have been looking for. 'We believe that global payroll shouldn't be complicated for midsize businesses so our solution is underpinned by intelligent automation, global expertise and best-in-class customer service. Furthermore, it's not rigid in its structure; we understand that customers need adaptable pay systems, and so we can tailor the solution accordingly. 'Whether companies are entering new markets or optimising existing operations, we look forward to supporting more customers on their payroll journeys, eliminating the manual strains of out-of-date payroll solutions.'
