New York is proposing stricter standards for the use of paycards. Numerous bills have been introduced in the last 3 years. However, the New York State Department of Labor has suggested stricter rules for the use of paycards to pay employees. Comments have been solicited by the Department and the deadline for comments is November 27. The American Payroll Association (APA) has advocated for paycard use all over the country, and will attempt to meet with the Department and the governor to discuss the proposed regulations.
Some of the proposed requirements include: a list of all nearby ATM’s to be provided by each employer; the removal of all fees to be charged to the employee (including the cost of a replacement card). If you are an employer, consider your employee population and their use of checks and direct deposit.
Need more information on this topic? Do you think issuing checks is easier? We’ll share some statistics about the cost of producing hard checks in our next post. In the meantime, visit the APA Paycard Portal for more information on paycards.