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Author: Scarinci Hollenbeck, LLC
Date: July 28, 2015
The Firm
201-896-4100 info@sh-law.comThe proposed employment regulations would impact approximately 13,000 New York businesses that pay wages to approximately 200,000 workers via payroll debit cards.
Across the country, an estimated 5.8 million workers received their wages via payroll debit cards in 2013, and that number is expected to double by 2017. Payroll debit cards, which serve as an alternative to direct deposit and traditional paper checks, provide benefits for employers and workers. For businesses, they generally cost significantly less. According to Visa, a payroll card deposit costs an employer $0.35 compared to $2.00 to issue a paper check. Many workers prefer pre-paid debit cards because their wages are available electronically on the same day that they are paid and can be used like a traditional debit card to make purchases, secure hotel and car rentals, pay bills, etc.
However, as highlighted in a 2014 report by the New York State Attorney General, payroll cards can also have downsides. According to New York Attorney General Eric Schneiderman, “Virtually all payroll card programs charge fees for card-related activities, and these fees can add up, reducing the meager take-home pay received by the lowest paid workers in the state.”
The NYSDOL’s proposed regulations address many of the concerns discussed in the Attorney General’s report. Below are several key provisions of the proposed payroll card rules:
The proposed payroll card regulations are slated to take effect following a notice and comment period, which ends on July 31, 2015.
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