Working with companies to address employee financial needs

Consumer Financial Solutions provides products and service to help companies improve employee financial wellness.

CFS Card
Every company has employees who don’t use direct deposit for payroll distribution, which creates higher out-of-pocket and management expenses, and costs employees hundreds of dollars each year in check-cashing, money order and bill payment fees. The CFS Card is a prepaid MasterCard® card that provides a powerful alternative to employee paychecks, reduces a company’s payroll processing costs, and offers employees many valuable advantages.

CFS Card is a completely outsourced program that enables employers to streamline payroll processes, reduce manual payment methods and exception processing, and improve financial controls. Employees save time and money with CFS Card: cardholders are paid via direct deposit, cash can be withdrawn 24 hours a day at ATMs and participating retailers, the card can be used to shop everywhere MasterCard debit cards are accepted, and all features are available for a low fee and no minimum balance.

CFS Learn
CFS Learn offers financial tools and information that help educate employees about practical budgeting, credit and financial planning. With 77 percent of employees living paycheck-to-paycheck,* to prevent financial crises, it is critical that individuals understand how to manage cash flows and live within their means. With CFS Learn, employees can access an outsourced toolkit of financial information and education tools that are easy to use and understand, and are designed to increase employee financial wellness.

CFS Loan
CFS Loan provides employees with access to affordable, periodic, short-term cash advances between paychecks. Most employees today live paycheck-to-paycheck and some do not have ready access to cash when they need it. When employees face financial hardships, they often experience personal stress resulting in lost productivity for employers.

CFS Loan is an entirely outsourced employee short-term credit program, that has no impact to the company’s benefits budget or staff. The CFS Loan program is designed to help improve the productivity of employees with immediate financial concerns while reducing the financial and legal exposure of employers.

CFS Benefits
Many employees are either ineligible for group benefits or have a need for simple and affordable benefits that an employer does not offer. With CFS Benefits, employees have easy access to portable discounts on health-related services designed to meet their needs. These benefits include health, dental, vision, prescription and telemedicine plans. The CFS Benefits program is an outsourced program that employers can offer with no impact to the benefits budget or staff. CFS Benefits is not currently available to residents of Vermont or Washington.

CFS Legal
With CFS Legal, employees can access a variety of preventative legal, credit monitoring and identity restoration services for a low monthly fee. The CFS Legal plan from Pre-Paid Legal Services®, offers members direct, toll-free access to provider law firms, which are carefully selected and monitored to maintain high standards. Credit monitoring and Identity restoration services from CFS Legal provide continuous credit monitoring, credit reports and scores, and access to trained experts to help restore name and credit information if identity theft occurs.

*Harris survey for careerbuilder.com, September 1, 2010.