Wachovia launches pre-paid debit card payroll service
US banking services company Wachovia has launched Wachovia Direct Pay, a Visa-branded prepaid debit card that provides employers with a payroll direct deposit service.
Employers can electronically deposit employees' net pay and other payroll-related funds to the card. The employee-cardholders can then use the card to access their pay at ATMs and merchant locations. The advantage of the system is that it allows businesses to use Wachovia's direct pay system for employees who do not have a traditional bank account and do not participate in a direct deposit program. The service also reduces the costs associated with processing, printing and mailing paper checks and can help eliminate the expenses related to replacing and reconciling lost or stolen checks, the bank said in a statement. Wachovia Direct Pay cards are accepted worldwide at ATMs, including more than 5,300 Wachovia ATM locations as well as more than one million ATMs in the Visa/Plus network. Direct deposit of payroll is more secure than paper checks and employers of all sizes can realize long-term cost savings from sponsoring a payroll card program, concluded Michael Daley, senior vice president of product solutions with Wachovia's Treasury Services division.
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