Products January 7, 2003

Visa Offers New Payroll Card Option

July 25, 2001 (PLANSPONSOR.com) - Plan sponsors now have another payroll option, one that allows employers to deposit employees' pay directly into a prepaid Visa card issued in the name of the employee.
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The new bank-issued payroll card aims to assist employers in reducing costs associated with producing, handling and distributing paychecks as well as the re-issuance of replacement checks in cases of loss or theft, which the American Payroll Association, estimates at $48 million annually.

The card is safer than carrying cash and can be replaced if lost or stolen, as all of Visa’s consumer security protection policies apply to the Visa Payroll card, including its Zero Liability policy, which eliminates liability of card fraud, according to the company.

Visa and the financial institutions that offer the card, will provide employers with information kits, which can be customized, to help educate their employees about the product.

The program is available from Bank of America, Bank One Corporation, First Tennessee National Corporation, FleetBoston Financial and US Bancorp.


 

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