New York, NY, November 15, 2006 -- The Methodist Hospital System, one of the nation's largest private, non-profit general hospital groups, has seen significant cash management benefits as a result of offering the Chase Payroll Card to its more than 10,000 employees. Currently utilized by approximately 1,000 under-banked employees, Chase's Payroll Card program has helped enable the four hospitals in its network to increase its direct deposit adoption rate to 99% and reduce the costs associated with processing paper checks.
"JPMorgan Chase provided guidance and best practices designed to help us move under-banked employees from costly paper checks to electronic pay, and give them the flexibility that comes with a Visa® branded debit card," said John Stewart, Human Resources Director, The Methodist Hospital System. "Without the payroll card option provided by Chase, The Methodist Hospital System would not have reached its direct deposit employee participation goals".
"JPMorgan Chase is proud to have helped Methodist Hospital achieve its goals of delivering value to its employees while migrating to an electronic payroll solution," said Gregory Kerwick, Vice President, Emerging Payment Channels, JPMorgan Chase.
In addition, Methodist Hospital System recently was awarded the American Payroll Association PRISM Award for Best Processes. The hospital's successful payroll card program roll-out was cited among the reasons for receiving the award.
"The PRISM Awards recognize companies that lead the payroll industry with innovative practices in the areas of payroll processes, technology, management, and overall payroll best practices," said APA Executive Director Dan Maddux. The Methodist Hospital System received the PRISM Award for Processes for its introduction and improvement of new process best practices that reduced cost and enhanced customer service in its payroll department. Their leadership and commitment to excellence paves the way for the improvement efforts of other organizations."
The Chase Payroll Card is an account-based, patented, low-cost solution designed specifically for employees who would like the convenience of direct deposit but do not want to manage a checking account, do not qualify for a checking account or may be hesitant about the fees and requirements associated with banking services.
Employees can easily access their pay at automated teller machines (ATMs) and retail locations. They can also use their Chase Payroll Card to make purchases anywhere that accepts Visa debit Cards, including retail stores, restaurants, gas stations, Internet shopping sites and more. And with the optional Card-to-Card cash transfer feature, cardholders can instantly transfer funds to family members in the United States or abroad, eliminating money orders, check cashing and funds transfer services.
About The Methodist Hospital System
The Methodist Hospital System is comprised of The Methodist Hospital in the Texas Medical Center, Methodist Sugar Land Hospital, Methodist Willowbrook Hospital and San Jacinto Methodist Hospital in Baytown. Dedicated to providing the highest level of patient care, Methodist has a 90 year legacy of medical breakthroughs, such as the world's first multiple-organ transplant in the 1960s, gene therapy for prostate cancer, and the first islet cell transplants in Texas. Methodist is primarily affiliated with Weill Medical College of Cornell University and New York Presbyterian Hospital, two of the nation's leading centers for patient care, medical education and research. Methodist is ranked among the country's top centers in six specialties in U.S News & World Report's 2006 America's Best Hospitals issue and was named one of Fortune's '100 Best Companies to Work For" in 2006. For more information, visit www.methodisthealth.com .
About the American Payroll Association
The American Payroll Association, established in 1982, is the nation's leader in payroll education, publications and training. The nonprofit association conducts more than 300 payroll training conferences and seminars across the country for over 17,000 professionals annually and publishes a complete library of resource texts and newsletters. Representing more than 22,000 members, APA is the payroll industry's highly respected and collective voice in Washington, D.C. For more information about APA, visit www.americanpayroll.org.
About JPMorgan Chase
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.3 trillion and operations in more than 50 countries. The firm is a leader in investment banking, financial services for consumers and businesses, financial transaction processing, asset and wealth management, and private equity. Under the JPMorgan, Chase and Bank One brands, the firm serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients. Information about JPMorgan Chase is available on the Internet at www.jpmorganchase.com.
John Murray
Corporate Communications
JPMorgan Chase
45025 Aviation Dr., Suite 100
Dulles, VA 20166
(571) 934-2808 or (800) 275-1374
www.jpmorganchase.com/vasteraThe HR industry´s premier online community and resource for Human Resource professionals: HR, human resources, HR community, human resources community, HR best practices, best practices in human resources, online communities for HR, HR articles, HR news, human resources articles, human resources news, HR events, leadership, performance management, staffing and recruitment, benefits, compensation, staffing, recruitment, workforce acquisition, human capital management, HR management, human resources management, HR metrics and measurement, organizational development, executive coaching, HR law, employment law, labor relations, hiring employees, HR outsourcing, human resources outsourcing, training and development
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