Chase Paycard Plus
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Many of our employees take advantage of Direct Deposit; however, we had not made direct deposit mandatory because some employees claimed that they don't have a checking or savings account. Through our payroll vendor, we want to implement a Paycard to take the place of a live check. Because this does not require an individual to have a checking or savings account of their own, we want to make this mandatory that they sign up for this if they don't want to sign up for direct deposit. How much notice should be given to employees that we are going to require this.
Employees will be able to go to Chase Bank and withdraw funds with a teller at no charge up to 4 times a month. They can also use the card at stores that allow debit cards and cash back with the transaction at no charge. There would be fees for use of the card at ATMs
Employees will be able to go to Chase Bank and withdraw funds with a teller at no charge up to 4 times a month. They can also use the card at stores that allow debit cards and cash back with the transaction at no charge. There would be fees for use of the card at ATMs
Comments
Are they issued a new card each pay period or do they get one card that is "re-filled" each pay period?
If they lose the card and report it quickly are they issued a new card with the balance that is currently on the card or do they lose all of it the same way they would if it was cash?
Do they have to go to a bank to find out how much is still left on the card or can they do a balance check at an ATM? If so, would the ATM charge them for that?
Sharon
The paycard works just as Tiles52 discussed. You can use it as a credit card or just get your cash out. This is preferrable to people who don't want to have a checking account, and avoids issues where employees become overdrawn and the bank expects the employer to cover it. It's a great idea, and I sure wish I could take credit for it.
We changed our wording to suggest direct deposit and so far no issue as we are a small company.