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.