West Coast Bank Adds a Payroll Card Program to its Payment Solutions Product Line
13 November 2006 - 7:54PM
PR Newswire (US)
Payroll Cards Join iDeposit(TM), Rewards Debit Cards and Gift Cards
in the Company's Innovative 2006 Product Offerings LAKE OSWEGO,
Ore., Nov. 13 /PRNewswire-FirstCall/ -- (NASDAQ:WCBO) As a service
to commercial clients, West Coast Bank is now offering a
Visa-branded Payroll Card Program to facilitate electronic payroll
processing for employees that may not have a bank account. The
Program utilizes existing direct-deposit processes and employees do
not have to meet the criteria for those opening a traditional bank
account. President and CEO Robert D. Sznewajs said, "We are very
pleased to announce the successful implementation of the payroll
card to our commercial customers. This new product along with the
introduction earlier this year of our remote capture product,
iDeposit(TM), the Sign for Rewards(TM) debit card and the brand
name gift cards offered in our branches gives West Coast Bank a
complete offering of highly valued payment solution products to
meet the needs of consumers and business customers." For enrolled
employees, West Coast Bank Payroll Card benefits include increased
security and expanded purchasing power. With direct-deposit, check
cashing fees are eliminated and funds are available immediately on
payday. With a Visa-branded card, employees have access to
Automatic Teller Machines (ATMs) and point-of-sale machines
worldwide. There is no fee to the employee for carrying a West
Coast Bank Payroll Card. The reloadable payroll cards also allow
electronic distribution of payroll, reimbursements, bonuses, and
ad-hoc payments for employees in remote locations. Employers
typically also enjoy higher employee productivity when paychecks do
not have to be cashed on payday. Oregon Berry Packing, Inc. and
Oregon Harvesting, Inc. switched their 485- employee payrolls to
West Coast Bank's Payroll cards with great success. Co- owner Barb
Malensky said, "I'm amazed at the benefits of the payroll card. The
elimination of negotiable paper checks alone has been a huge cost
savings to the companies. The time savings of reconciling each
company's checking account has been at least 10 hours per week...we
basically have an extra day to process payroll. And the employees
are tremendously happy with their ability to use the ATM to receive
their wages at any hour of the day and not have to stand in line at
the bank." Ryan Smith from Four Mile Nursery in Canby, Oregon, also
pays his employees with the West Coast Bank Payroll card. "Everyone
at the nursery is pleased with the convenience of the payroll
cards. Employees can withdraw from the ATM whatever amount they
need and can use the card for dinner or shopping without having to
carry cash." West Coast Bancorp, one of Oregon Business Magazine's
100 Best Companies to Work For, is a Northwest bank holding company
with $2.4 billion in assets, operating 59 offices in Oregon and
Washington. The company combines the sophisticated products and
expertise of larger banks with the local decision making, market
knowledge and customer service of a community bank. For more
information, visit the Company web site at http://www.wcb.com/ .
DATASOURCE: West Coast Bancorp CONTACT: Robert D. Sznewajs,
President & CEO of West Coast Bancorp, +1-503-598-3243 Web
site: http://www.wcb.com/
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