We provide our customers with a consistently updated, interactive map which serves to deliver current, state-by-state updates on legal requirements and how rapid! PayCard® complies.
Our goal is to provide employers with innovative and responsive payroll card programs. We observe industry-wide best practices for the delivery of high-quality payroll cards that maintain the objectives of choice, safety, affordability, transparency, and convenience.
For example, here’s a look at some of the legal requirements in Tennessee and how we conform:
- Cash Access
Legal Requirement – State Statute of Tennessee:
One withdrawal or transfer without cost per pay period for any amount contained on the card.
Tenn. Code § 50-2-103(e)(3).
rapid! PayCard Program:
The rapid! PayCard provides numerous ways for employees to access their full net pay each pay period, including:
- Teller Assisted Cash Withdrawal at banks displaying the MasterCard or Visa Brand Marks
- Electronic transfer to a bank account
- US Post Office Money Order
- ChekToday convenience checks
Additional methods of cash access include:
- ATM withdrawals:
- Allpoint® – The rapid! PayCard is currently a member of the Allpoint ATM network, which provides our cardholders with unlimited, surcharge-free ATM access at more than 55,000 locations worldwide.
- MoneyPass® – The MoneyPass network offers tens of thousands of surcharge-free ATMs coast to coast. This card may be used at any MoneyPass surcharge-free ATM.
- Cash back with POS purchases using a PIN
When one of the transactions above is the first transaction after employer wages are loaded to the Card, the fee associated with that first transaction is waived.
- Employer Costs and Incentives
Legal Requirement – State Statute of Tennessee:
No provision expressly addressing employer costs or incentives in the context of prepaid debit cards.
rapid! PayCard Program:
We do not offer cash incentives to employers, or pass employer costs onto their employees.
- Convenience Checks
Legal Requirement – State Statute of Tennessee:
The Tennessee wage payment statutes do not expressly address convenience checks.
A paycheck must be a valid negotiable check, payable in cash and without discount on presentation at some bank or other established place of business.
Tenn. Code § 50-2-103(e)(1).
rapid! PayCard Program:
rapid! PayCard offers ChekToday which may be cashed by cardholders at participating Walmart stores free of charge, check cashing facilities or used to make other direct payments.
- Transaction Histories
Legal Requirement – State Statute of Tennessee :
No express requirement relating to transaction histories on prepaid card accounts.
See federal requirements.
rapid! PayCard Program:
rapid! PayCard makes transaction information available to cardholders online, via the rapid!Access1 mobile application and over the telephone1. Transaction data can be printed from the cardholder website or upon request, rapid! will provide a written transaction history.
- Ability to Change Payment Method
Legal Requirement – State Statute of Tennessee:
No express requirement relating to allowing employees to change the manner in which they receive their wages. The statute suggests, however, that employees should be able to switch to direct deposit.
rapid! PayCard Program:
An employer that offers the rapid! PayCard should allow its employees to switch to direct deposit or another payment method offered by the employer.
While our obligation is to maintain adherence to state and federal regulations, we also keep our clients well-informed of the ever-evolving payroll laws. Convenience is not enough, compliance with state and federal mandates are what make rapid! PayCard the preferred choice for businesses.
1While rapid! PayCard does not charge for this feature and service, standard text messaging, data and cellular rates may apply. Please check with your cell phone carrier and inquire about fees your carrier may associate with these services.