The ad says: “There are some things that money can’t buy, for everything else there’s MasterCard.” But that doesn’t apply to paying your employees. According to Michelle Gyves of Proskauer Rose, issuing payroll cards (i.e., debit cards onto which employees’ wages are loaded) in New York state may soon be as difficult as finding a taxi on a rainy day.
New York Attorney General Eric Schneiderman has been examining the issues surrounding these cards for several years. Fees and limitations on accessing the wages can be problematic for lower-wage workers; a report published in June 2014 proposed legislation to address this, but it was never acted on. “On May 27, 2015, however, the New York State Department of Labor, perhaps anticipating that the legislature would not act prior to the end of the session, published proposed rules governing the payment of wages by payroll cards,” reports Gyves.
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