Money Fix: Using payroll cards
Employers increasingly are using payroll cards -- a debit card with a paycheck on it. There are benefits to the card for employer and employee, but experts advise both parties to know the rules. Credit: iStock
Employers increasingly are using payroll cards -- a debit card with your paycheck on it. Eliminating paper checks saves companies money and employees have convenient access to their money. However, payroll cards aren't simple.
The Consumer Financial Protection Bureau recently issued a bulletin warning employers against using payroll cards exclusively and outlining rules and regulations.
Payroll cards offer pluses for those without bank accounts. They are cheaper than check cashing services that take a percentage of a check, and safer than carrying lots of cash.
Here's what you need to know.
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