At rapid! PayCard 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.
For example, here’s a look at some of the legal requirements in Vermont and how we conform:
- Cash Access
Legal Requirement – State Statute of Vermont:
The employee must be provided at least three withdrawals each pay period from the pay card account, without cost.
One withdrawal must permit access to the full amount of the account balance at a federally insured depository institution or other location convenient to the place of employment.
21 Vt. Stat. § 342(c)(2)(D).
rapid! PayCard Program:
The rapid! PayCard provides numerous ways for employees to access their pay each pay period, including:
- Over the counter bank teller transactions at banks displaying the logo of the applicable payment brand (Visa® or MasterCard®)
- Electronic transfer to a bank account
- US Post Office Money Order
- ChekToday1 convenience checks
- ATM withdrawals at more than 55,000 locations in the Allpoint® ATM surcharge-free network
- Cash back with POS purchases using a PIN
- Employer Costs and Incentives
Legal Requirement – State Statute of Vermont
None of the employer’s costs associated with the pay card account may be passed on to the employee, and the employer may not receive any financial remuneration for using the card at the employee’s expense.
21 Vt. Stat. § 342(c)(2)(E).
rapid! PayCard Program:
rapid! PayCard does not offer cash incentives to employers, or pass employer costs onto their employees.
- Convenience Checks
Legal Requirement – State Statute of Vermont:
State law does not authorize the use of convenience checks tied to a pay card account as a replacement for employer-issued paychecks.
rapid! PayCard Program:
rapid! PayCard offers ChekToday1 convenience checks which can be used by cardholders to access wages at Walmart stores with Money Centers free of charge.
- Transaction Histories
Legal Requirement – State Statute of Vermont:
Upon written or oral request, the employee must be provided one free written transaction history each month.
The employer also must ensure that the employee has the option of electing to receive the monthly transaction history by e-mail.
The transaction history must include deposits, withdrawals, deductions or charges by an entity from or to the pay card account for the preceding 60 days.
21 Vt. Stat. § 342(M)
See federal requirements.
rapid! PayCard Program:
rapid! PayCard makes transaction information available to cardholders online, via the rapid!Access mobile application2 and over the telephone2. Transaction data can be printed from the cardholder website or upon request, rapid! will provide a written or e-mail transaction history.
- Ability to Change Payment Method
Legal Requirement – State Statute of Vermont:
The employee must be provided the option of discontinuing receipt of wages by a pay card account at any time and without penalty.
21 Vt. Stat. § 342(G).
See federal requirements
rapid! PayCard Program:
Employers who offer the rapid! PayCard are responsible for complying with applicable state and federal requirements regarding an employee’s ability to change payment methods.
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.
1 This optional offer is not an issuing bank product or service nor does the issuing banks endorse this offer.
2 While 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.
The rapid! PayCard® MasterCard Card is issued by MetaBank®, Member FDIC, pursuant to a license by MasterCard International Incorporated. Prepaid card can be used wherever Debit MasterCard is accepted. MasterCard is a registered trademark of MasterCard International Incorporated.