[Congressional Record Volume 146, Number 47 (Thursday, April 13, 2000)]
[Extensions of Remarks]
[Page E574]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




        IN RECOGNITION OF DIRECT DEPOSIT AND DIRECT PAYMENT WEEK

                                 ______
                                 

                          HON. THOMAS M. DAVIS

                              of virginia

                    in the house of representatives

                        Thursday, April 13, 2000

  Mr. DAVIS of Virginia. Mr. Speaker, I bring to the attention of my 
colleagues the celebration of Direct Deposit and Direct Payment Week, 
which will be observed around the country on May 15-19, 2000. This 
effort is dedicated to educating consumers, businesses, employers, 
financial institutions and billers of all kinds about the importance of 
Direct Deposit and Direct Payment as financial management tools.
  The Direct Deposit and Direct Payment Coalition, composed of the 
Federal Reserve, the National Automated Clearing House Association 
(NACHA)--The Electronic Payments Association, and regional Automated 
Clearing House Associations, is celebrating this week to promote the 
benefits of Direct Deposit and Direct Payment to improve the efficiency 
of the Nation's payments system, to reduce payment risk, and to provide 
utmost privacy and security to users.
  Direct Deposit and Direct Payment, electronic payment methods that 
allow consumers and businesses to be paid and to pay bills 
automatically, can reduce the Nation's costs considerably. Our Nation's 
payments system costs more than that of most other industrialized 
nations.
  Direct Deposit and Direct Payment are two ``unsung heroes'' of wise 
financial management. Individuals can save effortlessly by earmarking 
part of their pay for Direct Payment into their savings or investment 
account. Saving for the future and managing finances wisely are 
important responsibilities. In addition, as a less costly and more 
efficient alternative to paper-based systems, Direct Deposit and Direct 
Payment benefit nearly every consumer and business.
  Think of what our lives would be like without Direct Deposit and 
Direct Payment. Does anyone have time these days to stand in bank lines 
to deposit paychecks every week or two? With Direct Deposit, an 
individual's pay is automatically deposited into his/her checking or 
savings account. With Direct Payment, individuals can pay bills, such 
as mortgage or cable, directly from their accounts. Direct Payment 
saves time, and guarantees that payments will be made on time, every 
time. No more buying stamps, looking for mailboxes or worrying about 
the payments. Direct Payment can be used to make a large variety of 
payments, from utility to insurance to brokerage to telephone.
  Mr. Speaker, I hope that all of my colleagues will join me in 
supporting Direct Deposit and Direct Payment Week. These secure, 
efficient and highly confidential payment methods have helped 
individuals and business save time and manage their finances more 
efficiently and securely for more than 25 years. And I urge all 
Americans to recognize the importance of these valuable financial 
tools.

                          ____________________