Rhode Island Enacts Paycard Legislation
Find the full text of the new legislation here:
For those not aware of Paycards, they are an alternative way to pay employees electronically. Primarily used by the “unbanked”.
The what??? Unbanked people simply don’t have a bank account. Most states allow electronic payments to employees via direct deposit, but many people still don’t have bank accounts. For companies wishing to “go green” and cut their costs on payroll by eliminating courier delivery of live checks, paystubs and reports, the paycard is an excellent option.
However, rules are aplenty when utilizing paycards. ConnectPay doesn’t directly offer paycards, but does work closely with a few vendors to help our clients provide paycards to their employees without bank accounts.
For more information, don’t hesitate to contact me.
2352 Main St., suite 303
Concord, MA. 01742