We support reforms to the financial marketplace to curb bad practices by banks and lenders.
Payroll Cards
Payroll cards are provided by employers and allow employees to access the money from paychecks using cards that look like bank debit cards. Payroll cards can be more convenient than using check cashiers, because they can be used to withdraw cash from ATMs and be used to buy things. However, some payroll cards charge more fees than others.
Publications
- Payroll Card Issue Paper
PAYROLL CARD LEGISLATION FOR STATES Millions of employees are paid by payroll card, as the number of payroll cards have grown with increasing popularity in the past decade. However, the employer’s benefit could be the employee’s burden if the cards have high and numerous fees, offer payday-loan type credit features or are simply too complicated Continue Reading
- CU and NCLC’s Supplemental Principles for Payroll Cards
CU and NCLC’s Supplemental Principles for Payroll Cards Consumers Union and the National Consumer Law Center worked with the American Payroll Association and Electronic Payment Coalition to develop ten jointly agreed upon core principles for payroll cards. Those joint principles represent serious progress toward ensuring employees receive important consumer protections when they are paid using Continue Reading
- Joint Principles for Payroll Cards
Joint Principles for Payroll Cards The American Payroll Association, Consumers Union, the Electronic Payroll Coalition, and the National Consumer Law Center have identified and agreed to ten core principles regarding the use of payroll cards. These core principles are essential to promote a fair, safe, and convenient method of delivering wage payments to employees. Our Continue Reading
- Public Benefits and Wages on Prepaid Cards: Better Protections Needed Now
Consumers Union and National Consumer Law Center call for better consumer choices and protections against high fees associated with government- and employer-issued prepaid cards
- The Consumers Union Model Payroll Card Law
Consumers Union and NCLC’s Payroll Card Legislation for States Consumers Union and the National Consumer Law Center (NCLC) have developed model legislation to provide stronger protections for consumers who issue and utilize payroll cards. We are ready to work with states to strengthen payroll card protections. For additional information on what to look for in Continue Reading
- New Rip-offs
Have you been ripped off by unfair lending or financial practices?
- Gift Cards
Do you have gift cards you can no longer use?
- Protect all your money if your bank fails
Consumer groups call on the FDIC to apply deposit insurance to all prepaid cards, payroll cards, and bank-issued gift cards.
- Where’s my money: Consumer protections needed for new ways to pay
Five things to do today with payments law.
- Questions for Employees to Ask About Payroll Cards
A payroll card is a card that allows you to access the money from your paycheck using a card that looks like a bank debit card. The money is held in an account, and you withdraw it or spend it by using the card. Here are some questions to ask if your employer offers you a payroll card.
Press Releases
- Safeguards needed on payroll cards
CU joins the National Consumer Law Center and the Electronic Payroll Coaltion to outline needed safeguards.
Blog Posts
- Paychecks: Paper or Plastic?
More and more employers are doing away with the traditional paper paycheck. What does this mean for you?
- CU calls on states to protect employee wages on payroll cards
Consumers Union has just released a revised model state law to encourage better protections for employees who receive wages on payroll cards.
- Senate debate on financial reform heats up
Now that the Senate floor debate on financial reform has started in earnest, supporters are ofering a number of amendments to strengthen the bill so that it better protects consumers from unsafe financial products and creates new rules to stop banks from getting so big that they could threaten the financial system.
- The Consumers Union Model Payroll Card Law
CU has developed model legislation to provide stronger protections for consumers who issue and utilize payroll cards.
- Is my money safe?
Bank accounts are insured for $250,000 under federal deposit insurance, and most brokerage investments are protected by a private scheme for losses of up to $500,000, but your money might not be protected if you have money on a retailer gift card or this month’s paycheck on a prepaid card.
- Financial Services Issues: A Consumer’s Perspective
Testimony before the House Committee on Financial Services Subcommittee on Financial Institutions and Consumer Credit regarding consumer financial services issues for Congress.
- CU Urges Fed To Protect Payroll Card Users
The Federal Reserve Board should protect workers who are paid with electronic payroll cards by providing needed safeguards in the event such cards are stolen or money is withdrawn fraudulently, a group of consumer, community reinvestment, and labor organizations said today.
- Protect Wages on Payroll Cards
Consumer, labor, community reinvestment and community development organizations ask the Federal Reserve Board to issue an interpretation of federal Regulation E to apply its consumer protections to stored value cards, particularly for payroll cards.
- Preguntas Comunes de los Empleados sobre las Tarjetas de Nómina (Payroll Cards)
La tarjeta de nómina es un tipo de tarjeta que le permite ganar acceso a los fondos respaldados por su cheque de sueldo y que se asemeja a una tarjeta de débito bancaria.
Worried about retirement?
The stock market has been unusually volatile, plunging hundreds of points, creeping back, only to plunge again. It is hard to stay disciplined about saving when every dime you’ve invested can evaporate in a day.
What is your biggest concern about your own retirement? We want to hear from you.
Where to complain
Online, by mail, phone or fax... Agencies need to hear from you!