Mandating direct deposit in arizona
If you already have direct deposit, congratulations and thank you! Well, more than 95% of all Federal retirees receive their payments by direct deposit and they feel secure that their payments will arrive on time and are immediately available to them.
Our direct deposit occurs on the first business day of each month!
The Bulletin emphasizes that Regulation E prohibits employers from mandating that employees receive their wages using a payroll card.
The CFPB explained that an employer may offer its employees a choice between a payroll card and another payment method, and that permissible alternative method(s) of wage payment are governed by state law.
In July of 2011, enforcement authority over Regulation E was transferred from the Board to the Consumer Financial Protection Bureau ("CFPB").
The CFPB issued a final rule ("Prepaid Rule") extending Regulation E to a broad range of prepaid accounts on October 5, 2016.
The amendment also defines "payroll card account" and revises certain provisions of Regulation E and the official staff commentary to the regulation as they apply to payroll card accounts.The Prepaid Rule was scheduled to become effective April 1, 2018, however, the effective date has been delayed until April 1, 2019.The prepaid rule creates additional consumer protections for prepaid accounts including payroll card accounts already subject to Regulation E.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.
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- 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.