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updated 9:15 a.m. ET Dec. 18, 2007

FARGO, N.D. - A bank is giving its full-time employees $1,000 each and part-time employees $500 each with one condition -- it must be given to people in need.

State Bank & Trust Chief Operating Officer Michael Solberg said the payments are part of a $502,000 "Pay it Forward" initiative.

"We're going to really see some huge impact on our community," Solberg said.

Employees were told not to use the money for themselves, their families or families of other bank employees. The bank asked each employee to document the good deed with a video camera. The deadline is June 30.

The employees were told they may choose an individual cause, pool their money for a larger project or collaborate with donors outside the bank. The privately owned bank has more than 500 employees, he said.

The bank made the announcement over the weekend.

In previous years, the Fargo-based bank has taken 5 percent of the company earnings and divided it up at holiday time among employees.