Payroll Cards Free Employees and Employers from the Hassle of Lost/Stolen Paychecks

July 9, 2010

If you've ever lost a paycheck or had one stolen, you know the hassle that inevitably follows. You have to contact your manager or payroll representative, fill out forms and wait for a replacement check to be processed, issued and distributed. In reviewing various companies' policies on the Internet, I noticed that some employers require replacement check request forms to be notarized and some even take the $30 stop payment fee directly from your pay. Regardless of your employer's procedure, the process promises to be annoying and time-consuming.  You may have to wait as much as two weeks or more to get your pay.

If your check was cashed by a thief, you're in for additional aggravation. Now you'll have to file forgery forms with the bank and wait for an investigation to clear you of fraud before you can get a replacement check.    You're in for a long wait for your pay – and it's an especially difficult delay for the hardworking people who struggle from paycheck to paycheck.

The lost/stolen check process is just as much of an aggravation for your employer's payroll department, and it's costly, too.  That's why most employers try to encourage employees to adopt direct deposit. Unfortunately, many employees feel excluded from the convenience of electronic pay because they lack bank accounts. 

With the introduction of prepaid cards, however, all employees can enjoy the benefits of electronic pay.  Whether you opt for direct deposit to a bank account or to a prepaid debit payroll card, you get your pay faster and easier, while avoiding check-cashing fees.

For employees with FSV's PaychekPLUS! Elite^® Visa^®, lost or stolen cards can be replaced the same day with a simple phone call.  Plus, you can make purchases and even get cash back at the register for free.  You enjoy the benefits of a bank account (free direct deposit, online account management, savings, etc.) and the increased purchase power that a Visa-branded debit card delivers.  And no matter where you go, your pay is in your pocket every payday – without the inconvenience or expense of cashing checks or frustration of replacing the occasional one that goes missing.