Partnership's Direct Deposit
Campaign to Kick Off Oct. 31

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More than 500 financial institutions in the Midwest have joined the Automated Payments Partnership (the Partnership) to promote the use of electronic payments among financial institutions, companies, nonprofit organizations and consumers. Kickoff for the direct deposit campaign is cleverly set for Oct. 31, a date known in the banking industry as "triple-witching day."

"On a triple witching day, three groups of people receive paychecks­those paid weekly, biweekly and monthly," explains Kathy Paese, chairperson of the campaign. "Usually these days create extra headaches for bankers and customers who have to wait in line to deposit their paychecks." Playing off this heightened consumer awareness, the Partnership will promote the conveniences of direct deposit on several consumer fronts.

Financial institutions and corporations were invited earlier this summer to join the Partnership, a marketing alliance formed to promote the use of ACH for recurring payments. Partners include the Federal Reserve Banks of St. Louis, Kansas City and Chicago, and Mid-America Payment Exchange (MPX), as well as financial institutions and corporations across nine Midwestern states. Campaign materials are provided free or for a nominal fee to Partners.

On Oct. 31, the Partnership will launch its consumer awareness campaign, themed "Direct Deposit. Pay the easy way!" Campaign efforts under way include billboards and radio promotions in major markets, distribution of statement stuffers and table tents to participating financial institutions, and disbursement of informational posters and payroll stuffers to participating companies. Employee sign-up rallies will be encouraged throughout November and December to coincide with the consumer campaign.

The Partnership is available to all Eighth District financial institutions. Joining the Partnership is free, and there is still time for you to become a Partner. For more information, visit the Partnership's website at www.mpx.org/partnership.htm or contact Carrie Andert of the Federal Reserve Bank of St. Louis at (314) 444-8946.