Why Use Pay Cards

A recent study by PriceWaterhouseCooper for the United States Treasury department found that 40% of the U.S. workforce does not have bank accounts. That percentage is up from 28% in just three years. An additional 12% with bank accounts are denied a debit card. A still larger segment of the population has no major credit card. The number of those without accounts has risen sharply in recent years as U.S. banks have increased the cost of basic checking accounts while also raising the requirements.

Living without a bank account is burdensome. It's difficult to accomplish tasks that those with bank accounts take for granted. For example, just getting payroll check cashed is expensive and time-consuming. Once the check is cashed, carrying all that money around is a security risk. Without a bank card or checking account, utility bills must be paid in person or by money order. What an inconvenience. Many basic services such as car, life and health insurance require monthly payment by check or credit card. Try doing that without an account. And what about travel? Those without cards cannot rent cars, make airplane reservations or book hotel rooms.

Surprisingly enough, people without checking accounts or credit cards are not deadbeats. Almost 25% are professional and managerial people who have run into difficult times. And 56 million Americans are within 5% of maxing out their credit cards. People who need payroll cards are hard working, heads of families, and doing their best to become part of the American mainstream economy.

Payroll cards are the answer. The cards open the window of opportunity to the refreshing winds of economic participation and freedom. Finally, a product that delivers on it promises and benefits everyone involved…employers, employees, their families, the economic health of the country.