GE Unveils Electronic Pay Product

June 18, 2004 ( - GE Corporate Payment Services is getting into the electronic payroll card business.

The company said in a news release that it is launching the Payroll Card, a debit-based MasterCard product.

Instead of issuing a paper check, companies can deposit an employee’s pay into a personal card account, using Automated Clearing House (ACH) direct deposit. The workers still receive a pay statement from the company for their records. Once the pay amount is deposited, employees have immediate access to cash via ATMs or bank teller windows, or they can use the card to pay for retail purchases, the company said.

While some HR executives say such card programs have proven to be of only limited popularity among workers, they are typically aimed at employees who don’t have personal bank accounts.

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