What does Payroll Card mean?
The payroll card comes to take the place of the traditional paper check, and it basically has a simple system because it can be re-charged any time it is needed and it offers a more practical use. Also it is generally accepted by ATMs and at POS terminals in different department stores. It is very important though, that the issuer of the payroll card is a banking institution and not other financial institution which does not serve as a trustworthy source for the payroll card.
The drawback of these payroll cards is that fees are applicable for almost any operation such as ATM withdrawal, POS terminal use, and even triggering a fee when the card is being loaded with new funds. Also, particular attention to over-the-limit fees which can be as high as when a regular credit card is being used over-the –limit.