This account is designed for the employer who wishes to offer a structured savings program to employees, yet does not want to bear the expense of a self administered plan.
The employer writes one check to Intervest National Bank for the total of payroll deductions for participating employees.
The employer can also remit payroll deductions electronically via ACH transactions originated by most major payroll service bureaus directly to the employees account.
The bank deposits the designated amounts into each employee's account.
No minimum balance is required to establish accounts as long as there are at least 10 employees participating in the plan.
Statements are mailed to each employee monthly so they can monitor the account activity.
Miscellaneous fees that may apply will be deducted directly from the account.