WELCOME TO CURRENC SF,
San Francisco’s campaign for electronic payroll.
CurrenC SF helps lower-income workers build
financial security, starting with how they get paid.
Among low-income workers, paper paychecks can be a problem disguised as a solution.
Seventy percent of San Francisco’s low-income workers get paper paychecks. Because many are unbanked, they have to use check cashers every payday. The fees can cost each worker hundreds of dollars a year.
Electronic pay changes everything. Without paper checks, workers don’t need check cashers. They save more, move away from the financial fringe, and enter the financial mainstream.
Replacing paper paychecks might not seem like a big deal, but it’s actually a huge step towards a more secure foundation. When low-income workers have more money in their pockets, and a relationship with a financial institution, they’ve got a firmer grip on the economic ladder.
We work with business to get every worker into electronic pay.
Many businesses already offer traditional direct deposit, but that might not be the best option for every worker. Other workers may resist giving up something as symbolic and tangible as a paycheck.
At CurrenC SF, our job is to help you find the best solutions for all your workers. We can get you special low-cost accounts at local banks and credit unions. We can connect you directly to the best,
most pro-worker payroll cards on the market. You find what’s best for you, and we’ll work with you to get as close as possible to 100% enrollment.
As a City program, we don’t sell anything or charge any money. Our mission is to provide the resources and support you need.
Employees’ accounts and cards are instantly credited with their full pay amount, by the morning of payday or even earlier.
Without paper paychecks, personal information is less likely to fall into the wrong hands.
It can take hours to pick up a check, travel to a bank or check cashing service, wait for help, and travel back to home or work. With electronic pay, wages are available instantly.
via national ATM networks.
Some payroll cards come with features like text and email alerts, bill pay, and additional cards for family members.
While rare, natural disasters or other large-scale emergencies can interrupt mail (and paycheck) delivery, or force banks to close. With electronic pay, employees still get paid on time.
Electronic pay gets wages into employees’ hands immediately, with no charge. Workers can save hundreds of dollars a year.
Electronic pay helps employees enter the financial mainstream and save for the future.
$711: amount average unbanked worker pays for check cashing and other services, per year.
459%: average annual interest rate charged by payday lenders.
4 million: number of paychecks lost or stolen each year.
$8-10: average employer cost for each replacement check.
$2.87 – $3.15: average extra cost of each paper paycheck, per payment, vs. direct deposit.
20 hours: amount of work time, per month, a financially distressed employee spends dealing with personal financial problems.