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#1868076 - 11/04/13 07:05 PM Payroll Cards -- TransCard
CantBeShocked Offline
Gold Star
Joined: Apr 2006
Posts: 260
Does your bank offer reloadable payroll cards? If so, are you familiar with Transcard?

They offer reloadable payroll cards - if "instant issue" either by your FI or by the employer, there is no name on the card. If not instant issue and ordered online, there WILL be a name on the card. They are reloadable from PayPal, GreenDot, etc but they do not accept or send IAT transactions. There is a PIN tied to the card - but the PIN and card can be shared or given to someone else. OFAC is done at issue and once a month thereafterwards by TransCard.
TransCard does have a BSA policy and monitors transactions. You can access reports via a server but the ultimate BSA responsibility resides with the bank.

I need ammunition for NOT offering thistype of payroll card. I only have one experience to rely on and it was a smaller bank who offered NON-reloadable payroll cards, VISA owned the cards and therefore owned all BSA responsibility.

Help! Or are these cards the new "norm"?? Thanks.

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#1868109 - 11/04/13 07:27 PM Re: Payroll Cards -- TransCard CantBeShocked
rlcarey Online
10K Club
Joined: Jul 2001
Posts: 81,320
Galveston, TX
It might be just me, but who in their right minds would want to be involved and what employer would want to issue payroll cards that are not person specific??
The opinions expressed here should not be construed to be those of my employer:

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#1868257 - 11/05/13 01:51 AM Re: Payroll Cards -- TransCard CantBeShocked
BetsyS Offline
Gold Star
Joined: Jun 2009
Posts: 468
I would suggest you review the CFPB's bulletin on payroll cards that came out last month:
Let's start at the very beginning; A very good place to start...

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