BoNY launches pre-paid payroll card

The card allows employers to reduce processing costs and boost employee benefits by replacing paper paychecks with payroll cards. The payroll card enables employees with direct-deposit to automatically channel all or a portion of their pay to a card while providing employees without checking accounts access to their funds.

The payroll card is funded in the same manner as payroll direct deposit. The net amount of pay is loaded to an employee's card. The payroll card reduces employers' check processing and distribution costs, while strengthening their employee benefits offerings since it provides nationwide access to funds via ATMs, and can be used to make purchases from merchants that accept MasterCard. The Bank has joined with industry leader eFunds Corporation to handle the card processing.

Eric Kamback, executive vice president and Head of Global Payment and Trade Services at The Bank of New York, said, "The Bank of New York's expertise in payment services technology supports product innovations such as our new payroll card. Our card program offers employees without checking accounts - a significant segment of the workforce - modern payment conveniences and also the unique feature of enabling those already on direct deposit to designate a portion of their pay to a card. This card helps our corporate and institutional clients to manage more effectively their payroll processes and at the same time enhance their employee benefits offerings."