Understanding Your Paycheck Questions 2010

U.Y.P. Pg. 4METHODS FOR PAYING EMPLOYEES

Paper Paycheck
Definition: This is the most customary method. The employer physically provides the employee with his/her paycheck.
Characteristics: (2)
-- The paycheck stub is attached to the paycheck to depict deductions.
-- The employee is responsible for handling the paycheck.

Direct Deposit
Definition: Employers directly depository the employees pay check into his/her authorized account. This method is more secure because there is no direct handling of the check.
Characteristics: (2)
-- On payday, employee receives a paycheck stub detailing the paycheck deductions
-- Employee have it aways just which day his/her paycheck will be deposited and available for use.

paysheet Card
Definition: The third and newest way is by utilise payroll board. A payroll card is a prepaid card that is offered to employees as an alternative to paper paychecks or directly depositing remuneration. just about payroll cards argon smart cards, which have funds electronically loaded onto them each pay period with finds mechanically deducted from the balance when a purchase is made. Once the employees wages are credited to an account, the employee can use the card for standard pressure withdrawals or to make purchases.




Examples of Fees: (7)
--Monthly and annual fee
--ATM fee
--Inactive fee
--Fee after a specific number of transactions have been used
--Load fee (when funds are placed on the card account)
--Point of sale fee for using the card at a point of sale terminal, or an electronic payment processor
--Replacement fee if the card is lost or stolen
Benefit to Employers: (1)
--The cost associated with producing and handling paychecks is eliminated
Consumer Protection: (4)
--Regulation E provides sanctuary and protection from payroll card holders.
--PIN or Personal appointment Number a code that the card holder has to know in order to use his card
--Electronic Fund Transfer Act- provides rubber eraser and protection from payroll card holders.
--Card holder is...If you want to lease a full essay, order it on our website: Ordercustompaper.com



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