Payroll Card

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DEFINITION of 'Payroll Card'

A type of bank debit card. Payroll cards draw on the user's wages or salary instead of a deposit account. Users access their money from an ATM or cash-back purchase in the same manner as with a traditional debit card.

INVESTOPEDIA EXPLAINS 'Payroll Card'

Payroll cards are offered by banks and employers as a service for low-income employees who do not have bank accounts. They also provide a way to escape bank service charges. The amount that can be spent is limited to the employee's income.

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