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In recent years, pay cards (also known as prepaid debit cards) have attempted to bridge the direct deposit gap by giving US employees the ability to accept funds via a prepaid debit card (rather than through a personal bank or other financial account). Theoretically, pay cards give employees a pathway to the conveniences of direct deposit and a reprieve from substantial check cashing fees.
This article explores the facts about pay cards and highlights leading employer pay card practices.
For further information about EY's US employment tax services, please visit: http://www.ey.com/US/en/Services/Tax/State-and-Local-Tax