Posted on: 20th Dec, 2006 07:50 pm
Hi all,
I just got some information which I thought should share with you all.
Employers are now be issuing payroll cards instead of providing paychecks to their employees. They will be creating an account where they will deposit the employee's wages.
The account will be tied to a payroll card - a kind of debit card that can be used to withdraw cash from an ATM counter. One can also pay for purchases through debit card.
Hope this information helps you all. :)
Thanks
I just got some information which I thought should share with you all.
Employers are now be issuing payroll cards instead of providing paychecks to their employees. They will be creating an account where they will deposit the employee's wages.
The account will be tied to a payroll card - a kind of debit card that can be used to withdraw cash from an ATM counter. One can also pay for purchases through debit card.
Hope this information helps you all. :)
Thanks
Yeah. A payroll card is something looks like bank debit card. By which we can access the money from our paycheck. The money is held in an account and we can withdraw it. It is more convenient than paycheck because we can withdraw money from ATM and also use it to buy things any time.
But having a payroll card is quite different from having an own bank account. The card account is usually held as a single account that is the name of the employer. And all the employees use the payroll card to access money from the cumulative payroll fund deposited by employer.
One more thing is that the payroll card is cheaper than checker cash. But we need to pay fees if we use it at an ATM more than once per pay period.
But having a payroll card is quite different from having an own bank account. The card account is usually held as a single account that is the name of the employer. And all the employees use the payroll card to access money from the cumulative payroll fund deposited by employer.
One more thing is that the payroll card is cheaper than checker cash. But we need to pay fees if we use it at an ATM more than once per pay period.
what is per pay period? pls explain
Its the amount of salary that your employer pays you on a monthly basis or at a regular interval of certain period.