Mandating direct deposit in arizona
It also requires disclosures and alternative payment options, includes a number of fee restrictions, and prohibits linking payroll cards to any form of credit.
Please consult the statute for complete and specific information.
- 12/12/2012Arizona Revised Statutes, §§ 23-350 and 23-351 Paycard provisions added by HB 2151 (Chapter 193) Effective July 20, 2011 Arizona Revised Statutes sections 23-350 and 23-351permit the deposit of wages to a payroll card account if an employee has been offered direct deposit but does not provide consent or designate a financial institution for the deposit.
In addition, they provide that whenever an employee's wages are deposited to a payroll card account, the employee must be provided with a statement of earnings and deductions, one free withdrawal for each deposit of wages per pay period, and a list of fees associated with the use of the payroll card account.
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Continue on for additional discussion of issues regarding paycards.
If you're that paranoid about it, just open another account especially for direct deposit.Information about the Prepaid Rule, including its text and a summary of the provisions impacting payroll card accounts, can be found on the CFPB website.- 04/06/2018CFPB Bulletin 2013-10 (Payroll Cards) On September 12, 2013, the Consumer Financial Protection Bureau (CFPB) issued a bulletin reiterating that the Electronic Fund Transfer Act and Regulation E apply to payroll card accounts.We would like to share some very important news with you regarding the payment of your Federal retirement benefits. Everyone will be required to change to direct deposit or receive a debit card (if you do not have a bank account). Wouldn’t it be nice to know that you don’t have to worry about your paper check being delayed in the mail, lost or stolen? Department of Treasury has made changes affecting the way you will receive payment. Treasury will be sending an official notice very soon.