Payroll Cards. Payroll Cards: the Basics

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1 Payroll Cards Payroll debit cards (usually referred to as payroll cards or paycards) are another form of direct deposit. Instead of depositing pay in a checking or savings account, this method uses a reloadable card filled with the amount of the employee s net pay. While traditional direct deposit is the preferred way to go, payroll cards are a good option for employees who don t have a bank account or are uncomfortable with traditional direct deposit. Payroll Cards: the Basics In many ways, payroll cards are similar to debit cards. They re loaded with an employee s net pay each pay period, and the employee can then use the card to make purchases and withdraw cash from ATMs until the balance reaches zero. Almost all payroll cards are branded with the Amex, Discover, MasterCard or Visa logo These branded or signature cards can be used at any point-of-sale terminal that accepts a PIN or signature for authorization. The card can be used to withdraw cash from ATMs, and to buy goods and get cash back anywhere the card brand (Amex, Discover, MasterCard, Visa) is accepted. It s possible to get unbranded cards (i.e., not associated with Amex, Discover, MasterCard or Visa), but these offer more limited services, and are less desirable for employees.

2 Other Payroll Card Features Every payroll card offers ATM withdrawals and point-of-sale transactions, as well as cash back at point-of-sale. Depending on the provider, the card may also offer: Bank teller transactions at banks displaying the Visa, MasterCard, Discover or Amex logos. The ability to transfer money from the payroll card to a standard bank account. Online bill payment. Convenience checks for use in paying bills or for other transactions. Money transfer services. No credit (such as overdraft). With a payroll card, spending is limited to the amount deposited into the payroll card account. To further protect your employees, always double check with your payroll card provider to make sure they don t link cardholders to predatory lending vehicles, suach as overdraft. Choosing a Payroll Card Choosing the right card can be intimidating; this is a relatively new product, and the market is filled with different cards and options. Hopefully, this section will make it a little easier. The first thing you and your company s decision-makers need to do: learn about payroll cards. This toolkit is a great starting point, and you might want to share it with anyone who needs to know. Another valuable source: colleagues at organizations that have payroll card programs in place. You can also reach out to groups like the American Payroll Association and their San Francisco Bay Area Chapter ( Next, review the payroll card programs available to you. If you have a relationship with a payroll service provider or bank, they probably also offer their own payroll card, which can be incorporated easily into your current services. These can be an excellent starting point; however, you should also explore some other options, because the marketplace is expanding rapidly. Different cards offer different benefits and drawbacks. (NOTE: some have serious drawbacks: hidden fees, weak to no consumer protections, and even connections to unsafe or predatory credit vehicles, like overdraft.)

3 Choosing a Payroll Card (continued) Think about what matters to your organization and employees. Review key issues: fees, features, consumer protections, customer service, transparency, and ease of use. Avoid cards that are not fully protected by FDIC deposit insurance and Regulation E of the Electronic Fund Transfer Act (these help to guarantee safety of the funds on the card, and allow for a resolution process should problems arise). Stay far away from cards that link to dangerous credit vehicles, including overdraft options and fees, which can trap cardholders in a debt cycle. Some other questions that can help you understand the benefits (and potential pitfalls): How long will it take to issue the payroll card? Can employees request additional cards for family members? If so, who pays for them? Can an employee load pay from other sources, such as a second job? How and where can employees access their pay? Are there fees associated with the card? What are they? Common fees include: -ATM withdrawal fees -Fees to make purchases and receive cash back -Fees for inactivity, or to open/close the card -Customer service access fees -Monthly or annual fees (try to avoid these cards) -Implementation and set-up fees for employers How will pay statements be provided? If an employee s card is lost or stolen, what is the reissuance process? What are the policies and procedures for ex-employee use of paycards to access previous account balances and final pays? Can an ex-employee continue to use the card? Finally, we urge you to take a look at the information in our Guide to Recommended Payroll Cards. We ve done the homework for you, and selected several providers who meet the highest standards.

4 Enrolling employees. When it s time to enroll employees, you ll need some basic information: usually name, address, and some form of government-issued ID. The payroll card company needs these to set up an account. It normally takes 3-7 days for the employee to receive a personalized payroll card. Some programs provide an instant card option, which can issue a blank card at the time the employee chooses to be paid via card (for example, at time of hire). The cardholder can then start using the card as soon as the first payroll is deposited, and will later receive a personalized card in the mail. Funding employee accounts. Cards are funded using the same ACH process as direct deposit. Card programs provide a routing transit and account number, which are entered into your payroll system along with the account type.

5 The advantages of payroll cards. While payroll cards aren t preferable to traditional direct deposit, they offer many of the same advantages, especially when compared to paper paychecks. No more check-cashing fees. Payroll cards allow employees to access their pay immediately, with no charge. This is a big deal for employees who rely on expensive check-cashing services every two weeks. No more time wasted cashing checks. It can take hours to travel to a bank or check cashing service, wait for help, and travel home. With payroll cards, wages are available instantly. No more time wasted waiting for paychecks. Whether it s waiting for paychecks to arrive by mail, or traveling to a worksite to claim the check in person. 24-hour access to wages, via national ATM networks. Ability to buy goods and services via POS terminals. Less risk of ID theft. Without paper paychecks and stubs, personal information is less likely to fall into the wrong hands. Empowers families. Many card providers give employees the option to issue additional cards to family members. Reliable, no matter what. While rare, natural disasters or other large-scale emergencies can interrupt delivery of mail and paper paychecks, or force banks to close. With payroll cards, employees still get paid on time.

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