TD Bank PayCard

Employers:

• Provides a cost-savings alternative to printing, cutting, and delivering paper payroll checks
• Provides an automated solution to handling your payroll and funds distribution
• Reduces costs associated with lost or stolen checks, stop payments, and reissue of checks
• Reduces the risk of check fraud
• Integrates seamlessly with existing payroll systems, making implementation easy and non-disruptive
• Flexible – employers can also use for expense reimbursement, bonuses, and rewards

Employees:

• Pay is safely available on payday no matter where they are
• Eliminates check-cashing fees (often more than $300/year) and the risks of carrying large amounts of cash
• Safer than carrying cash – a lost or stolen card can be replaced
• Offers the purchase convenience of Visa^® (in stores, online, by mail or by phone)
• Provides optional companion card, which can be used for family funds transfers or cross-border remittance

Best suited for companies with:

• Employees who don't participate in direct deposit
• Seasonal or migrant employees
• Employees who travel
• Employees at remote locations
• Employees who may not have bank accounts

You will need to establish a commercial checking account for this service and determine the number of employees you wish to enroll in this program (all employees qualify). An order of pre-paid cards issued by Visa will be delivered to you for distribution to your employees. To begin this service you will access a secure PayCard website to input your employee data. On payday, your employees will receive their pay, expense reimbursement or incentives via direct deposit to their TD Bank PayCard.

Read our frequently asked questions to find out more about PayCard.