Charter Oak FCU Introduces ‘Paymate’ Card

Charter Oak Federal Credit Union, Groton, Conn., launched the Paymate card as an alternative payroll option for employers and their employees.

Issuing a standard paycheck is expensive for businesses due to the increased cost of paper checks, and the cost of lost and stolen checks. Plus, direct deposit isn’t an option for employees who don’t use a financial institution.

"With Paymate, the employee’s paycheck is accessed via an automated teller machine," explains Ray Currier, Charter Oak Federal’s product development officer. "Cashing an entire paycheck and walking around with an envelope full of money no longer is necessary. Using Paymate would entail having a nontraditional relationship with the credit union: Users never have to walk into the credit union’s office to access their funds."

For information, contact Currier at 860-446-3239.