This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

MasterCard Introduces Payroll Card Standards

Stock quotes in this article: MA

MasterCard (NYSE:MA) today released new standards designed to help employees take full advantage of the benefits of having their paycheck electronically deposited onto payroll cards.

The payroll card standards require employers and payroll card providers to offer cardholders greater insight on these programs through educational resources and increased transparency of any fees. Additionally, the standards ensure the employee has a fee-free way to access their pay and check available balances.

“Payroll cards serve as one way to bring the traditionally underserved into the financial mainstream,” said Ron Hynes, group executive, Global Prepaid Solutions, MasterCard. “These standards will help ensure that employees not only understand the choices available, but allow them to take advantage of benefits like direct deposit, online shopping and bill payment that have not been traditionally available to them.”

MasterCard developed the new standards in consultation with its customers and partners, as well as community organizations through its Master Your Card and Master Your Card: Oportunidad public education programs. In the course of this six-month process, the collective group worked with a wide variety of community organizations-- ranging from national Latino, African American and Labor groups to local community groups who represent a high percentage of members who are financially underserved.

"MasterCard has been an important partner in our efforts to create guidelines for financial products that are a force for good in people’s lives," said Jennifer Tescher, president and CEO of the Center for Financial Services Innovation (CFSI). "We salute the company’s leadership in setting standards to promote a high-quality payroll card market. Quality payroll cards provide security, convenience and inclusion and can help consumers improve their financial health.”

All new MasterCard payroll card programs will need to meet these standards as of July 1, 2014. Existing programs will have until October 1, 2014 to make any necessary adjustments.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,804.71 -238.19 -1.40%
S&P 500 1,946.16 -26.13 -1.32%
NASDAQ 4,422.0850 -71.3050 -1.59%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs