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306:. Instead they are drawn against "available funds" that are not in a bank account so the issuer can delay redemption. In the U.S., warrants are issued by government entities such as the military and state and county governments for payroll to individuals and for accounts payable to vendors. Deposited warrants are routed to a collecting bank which processes them as
185:, is a document received by an employee that either includes a notice that the direct deposit transaction has gone through or that is attached to the paycheck. Each country has laws as to what must be included on a payslip, but this typically includes details of the gross wages for the pay period and the
222:"pay cheque" persists in some languages, but this commonly refers to a payslip or stub rather than an actual cheque. Some company payrolls have eliminated both the paper cheque and stub, in which case an electronic image of the stub is available on a website. Most of the provinces and territories in
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to withdraw cash (which usually requires the employee to pay a hefty fee to access their own money and always have daily limits for how much of their own money an employee can access daily) or in stores to make purchases. Most payroll cards will charge a fee if used at an ATM more than once per pay
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The payroll card account may be held as a single bank account in the employer's name. In that case, the bank account holds the payroll funds for all employees of that company using the payroll card system, and an intermediary limits each employee's draw to an amount specified by the company for a
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system, payment of wages and salaries is increasingly being effected by electronic means, rather than by the use of a physical cheque. This saves the company money on printing and processing cheques and reduce the problem of fraud. However, vocabulary referring to the
246:. A payroll card functions like a debit card and allows an employee to access their pay. A payroll card is typically less convenient than cashing a paper paycheck, because the card can be used at participating
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and clear through the banking system like checks and are therefore often called paychecks by their recipients. But they are not checks because they are not drawn against a
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Before a company can give a payroll card to a worker, the business must first contract with a payroll card program manager. The payroll card company performs required "
205:, or charitable contributions taken out of the gross amount to arrive at the final net amount of the pay, also including the year to date totals in some circumstances.
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to the employee's designated bank account or loaded onto a payroll card. Employees may still receive a pay slip to detail the calculations of the final payment amount.
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specified pay period. Some payroll card programs establish a separate account for each employee. Most payroll card accounts in the United States are insured by the
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like maturing treasury bills and presents the warrants to the government entity's treasury department for payment each business day.
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In the United States, payroll cards are regulated by state wage-and-hour-laws and by a variety of federal laws including the
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allow employers to issue electronic payslips if the employees have confidential access to it and are able to print it.
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for services rendered. In recent times, the physical paycheck has been increasingly replaced by electronic
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the employer is required to make by law as well as other personal deductions such as retirement plan or
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Businesses may elect to use a payroll card program in order to reduce payroll expense. According to
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can arrange for the net pay of an employee to be loaded onto a payroll card, which is a
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For employees that do not have access to a personal bank account, most major
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396:"Pinched by Plastic: The Impact of Payroll Cards on Low-Wage Workers"
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378:"Dodd-Frank: Title X - Bureau of Consumer Financial Protection"
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266:" due diligence as a condition of accepting the application.
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paid and yearly bonus entitlement, among other things
50:The examples and perspective in this article
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88:Learn how and when to remove this message
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134:, is traditionally a paper document (a
257:Federal Deposit Insurance Corporation
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317:, warrants are issued as payment by
343:"Understanding Payroll Debit Cards"
213:In most countries with a developed
27:Payment document for employee wages
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382:LII / Legal Information Institute
275:Consumer Financial Protection Act
106:An example of a payslip from the
319:National Savings and Investments
110:, showing gross salary, tax and
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407:. June 12, 2014. Archived from
434:"Glossary of Accounting Terms"
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271:Electronic Funds Transfer Act
404:Attorney General of New York
366:Electronic Fund Transfer Act
298:Payroll warrants look like
64:, discuss the issue on the
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248:automatic teller machines
236:payroll service providers
32:Paycheck (disambiguation)
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108:John Lewis Partnership
161:, commonly called a
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355:on January 24, 2009.
209:Electronic paychecks
70:create a new article
62:improve this article
52:may not represent a
30:For other uses, see
471:Wages and salaries
294:Warrant of payment
264:know-your-customer
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112:National Insurance
414:on August 1, 2016
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72:, as appropriate.
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476:Household income
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442:. Retrieved
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418:February 1,
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460:Categories
329:References
244:debit card
220:figurative
199:insurances
191:deductions
175:pay advice
132:pay cheque
444:March 19,
183:wage slip
128:pay check
124:paycheque
66:talk page
466:Payments
273:and the
251:period.
167:pay stub
148:employee
140:employer
120:paycheck
60:You may
321:when a
313:In the
300:cheques
195:pension
171:paystub
163:payslip
18:Paystub
224:Canada
136:cheque
412:(PDF)
399:(PDF)
353:(PDF)
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187:taxes
68:, or
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282:Visa
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