But I'm not going to give anyone ideas as to what those may be.If you're that paranoid about it, just open another account especially for direct deposit.Effective July 1, 2007, the Board of Governors of the Federal Reserve System ("Board") amended Regulation E to expressly cover payroll card accounts.
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Regulation E and the Prepaid Rule Federal Regulation E implements the Electronic Fund Transfer Act (“EFTA”), which establishes the basic rights, liabilities, and responsibilities of consumers who use electronic fund transfer services and of financial institutions that offer these services.
The primary objective of the EFTA and Regulation E is the protection of individual consumers engaging in electronic fund transfers.
The material provided on the APA Visa Paycard Portal is for informational purposes only and is not to be considered tax, legal, or financial advice, analysis, or opinion.
Readers are reminded that they are solely responsible for complying with federal and state employment laws and are encouraged to seek competent legal authority before taking action based on this material.- 12/12/2012Connecticut General Statutes, § 31-71k Added by SB 211 (Public Act 16-125) Effective October 1, 2016 This statute authorizes the payment of wages using payroll cards with the employee's voluntary and express authorization provided certain conditions are met.Among other things, the statute sets forth specific requirements for providing employees with access to cash wages and account information without cost.The Bulletin emphasizes that Regulation E prohibits employers from mandating that employees receive their wages using a payroll card.The CFPB explained that an employer may offer its employees a choice between a payroll card and another payment method, and that permissible alternative method(s) of wage payment are governed by state law.It also requires disclosures and alternative payment options, includes a number of fee restrictions, and prohibits linking payroll cards to any form of credit.