HERNDON, Va., March 3, 2011-- The Electronic Payroll Coalition (EPC) today released "Joint Core Principles for Payroll Cards," developed in collaboration with the Consumers Union and the National Consumer Law Center. These core principles are an important component in the fair and safe use of the payroll card as a convenient method for employees to receive wage payments.
Representing the Association for Financial Professionals (AFP); the American Payroll Association (APA); and NACHA -- The Electronic Payments Association, the EPC promotes best practices and raises awareness of the benefits of electronic payroll, both Direct Deposit and payroll cards. Collaboration between the EPC and the Consumers Union and National Consumer Law Center resulted in many shared philosophies on the use of payroll cards. The Core Principles unveiled today represent organizational consensus with respect to recommendations for all those who are engaged in issuing, selecting, using, or regulating payroll cards. Each organization may issue supplemental principles.
"Payroll cards are an important payroll solution for both employers and employees," said Dan Maddux, executive director, APA. "Working jointly with the Consumers Union and the National Consumer Law Center enabled the EPC to develop clear and practical principles for states and businesses to implement pay card programs that are fair for both employee and employer alike."
"Businesses of all sizes are looking for ways to increase payroll efficiencies, safety, and security, while delivering a valuable employee benefit," said David Bellinger, director, Payments, AFP. "Fully electronic payroll provides the solution to meet those goals, and the payroll card introduces a valuable tool to deliver these benefits to a larger audience."
All five participating organizations defined the "Joint Core Principles for Payroll Cards" as follows: