Payroll checks will soon be a thing of the past at Wal-Mart, America's largest retailer. That's because Wal-Mart is moving to a paperless payroll system. Employees will have two choices: receive their payments through automated bank deposits, or receive payment in the form of payroll debit cards. While other, smaller companies have been using payroll debit cards for some time, Wal-Mart's size and visibility have made the subject much more visible. And with that visibility come the inevitable questions. Here are the answers to some of the most common questions about payroll debit cards.
What Are Wal-Mart Payroll Debit Cards?
Payroll debit cards are much like regular check cards you would get from a bank. They come with a unique PIN, and can be used at ATMs or anywhere MasterCard is accepted. The only difference is that Wal-Mart loads the debit card with the employee's wages each payday.
Are Fees Involved?
Yes. Wal-Mart’s program gives employees one free ATM transaction per pay period. After that, each ATM withdrawal costs $2. There could be other fees as well, so if you’re a Wal-Mart employee, make sure you familiarize yourself with the card’s terms before you make withdrawals. Wal-Mart did say that it tried to make these payroll debit cards as “fee-free” as possible.
Can You Use the Card Overseas?
Yes, according to Becky Blanton, a freelance graphic artist who receives payment via a payroll debit card. She was able to use her card in England for currency exchange, with no problems. Again, different cards may have different capabilities, so ask the card issuer if your debit card is usable overseas.
What are the Advantages of a Paperless Payroll System?
Convenience is the selling point for most employees. They don’t have to worry about getting their checks cashed; they simply get their debit card loaded up, and they’re ready to go. There is no need for employees to open a bank account simply to receive their pay. Wal-Mart also expects to save 250,000 pounds of paper per year, saving money as well as resources.
It looks like payroll debit cards are a great way to add convenience and sustainability to a payroll system. Wal-Mart is the most visible company to employ this payment method, but others will undoubtedly follow suit.
This article has been provided by Creditor Web. At CreditorWeb.com you can compare over 100 credit cards from multiple banks and apply for credit cards online.
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