Payroll Card

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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