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The Pros and Cons of a Payroll Card

Payroll cards are a growing trend in agen bola sbobet business: About 14 million payroll cards were in use in 2017. Payroll cards provide easy access to paychecks without the need for a bank account or banking relationship. This can be crucial for many Americans who cannot (or choose not to) open a bank account.

What is a payroll card?
Payroll cards allow employees to access their paychecks without setting up a bank account. They function like debit cards: Payroll cards are loaded with a paycheck each pay period and can be used to withdraw cash or make purchases. This can be an advantageous tool for small businesses with employees who don’t have bank accounts or don’t have a lot of banking options in their location.

Depending on which payroll card service you sign up for, it may be more cost-effective to provide a payroll card option to your workers. Printing and handing out checks can be expensive, and certain payroll companies may charge extra for things like direct deposit.

From a worker’s perspective, it’s important to understand the different fees associated with payroll cards, as they aren’t exactly like traditional debit cards. While it can be a great option for employees with no bank account, you’ll have to pay some fees, like monthly maintenance fees, ATM withdrawal fees, balance inquiry fees, fund transfer fees and account closure fees. The exact fees will depend on which company you’re working with.