What is a disadvantage of a payroll card?

Payroll cards, while convenient for employees, come with certain drawbacks when it comes to ATM usage. One of the main cons is the potential for balance inquiry fees charged by ATMs. This means that every time an employee checks their balance at an ATM, they may incur an additional charge.

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In addition to balance inquiry fees, payroll card holders may also face monthly card maintenance fees. These fees can vary depending on the issuer and the services provided, but they can add up over time, reducing the overall value of the card for the employee.

Another disadvantage of using payroll cards at ATMs is the potential for out-of-network ATM fees. If an employee uses an ATM that is not affiliated with their payroll card issuer, they may be charged a fee for the transaction. These fees can be significant and can quickly eat into an employee's earnings.

If a payroll card is lost or stolen, the employee may face replacement fees. Depending on the issuer's policies, these fees can vary but can be costly for the employee. It's important for employees to keep their payroll cards safe and to report any lost or stolen cards immediately to avoid unnecessary expenses.