![]() ![]() There also can be other fees, such as to open and close accounts, and sometimes monthly service fees. Checking your card's balance at an ATM, or calling customer service - after a differing number of calls - may cost 35 cents. Payroll cards may levy transaction fees, such as 40 cents each, when used to make a purchase, according to Celent. While the first automated-teller-machine withdrawal in a pay period often is handled at no charge, additional withdrawals may carry charges such as $1.50 each. If a payroll card is lost or stolen, you usually can cancel the card and request a replacement, for a fee.īut the convenience of payroll cards comes at a price. Moreover, payroll cards save employees from carrying around wads of cash on payday - with the associated risk of theft - and avoid check-cashing fees which can claim an average 2.5% of each paycheck. "You can't do everything with cash anymore," she says. That's where the payroll cards come in.įor "unbanked" workers, getting a payroll card can be preferable to getting a paper check and cashing it, says Gail Hillebrand of Consumers Union, a nonprofit consumer advocacy organization in Yonkers, N.Y. That can be the case, for instance, with teenagers and low-income workers. We will help you do the rest.But direct deposit isn't an option for some workers who don't have bank accounts or whose small balances would trigger steep bank fees. All you need is your employees’ direct deposit information (bank account and routing numbers). Start moving your business towards becoming paperless by choosing The Processing Group to process your employees’ wages. Opt instead for a company that specializes in EFT/ACH processing to ensure you get the best rates possible. Be wary of providers that only offer Paperless Payroll services, as they can be extremely costly.
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