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Products January 7, 2008
Paychex Introduces FSA Debit Card
January 7, 2008 (PLANSPONSOR.com) - Paychex has
launched a new debit card offering employees a way to access
their flexible spending account (FSA) funds.
Reported by Fred Schneyer
With the debit card, FSA expenses are automatically deducted from a participant’s account, eliminating the need for an employee to pay the expenses, submit a claim, and then wait for reimbursement.
According to a news release, the Paychex FSA Debit Card complies with the latest IRS regulations, which now provide that cards can be used at grocery and discount stores, wholesale clubs, and mail- and web-based vendors with an “inventory information approval system,” or IIAS, installed. The technology means the system knows immediately if the expense is eligible.
The Paychex FSA Debit Card can be used for most FSA-eligible items and services at any location that accepts MasterCard and provides a medical or dependent-care service, or sells FSA-eligible items, the announcement said.
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