Love Boat ATM

Some cruise lines may soon be paying their employees electronically through a third party so that no matter where in the world the employees are, they can get access to their money.

Goleta National Bank and Electronic Paycheck LLC have begun a pilot program with Thomas Cook Currency Services Inc. to provide an electronic paycheck card to the cruise industry.

The card is given to cruise line employees in lieu of paper checks. The employee can then insert the card into an automated teller machine or point-of-sale location and get instant access to their funds. The funds are actually held by Goleta and the whole program is run by Electronic Paycheck. The employer needs only direct deposit software.

The pilot program will run for six months.

Copyright © 1998 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 8, No. 9, 9/98