Many workers in our field do not have a bank account. These “unbanked” workers cannot be paid by direct deposit because they operate solely in the cash economy.
Many of you have related to us your challenges in paying workers with paper checks. You have complained about the problems associated with writing paper paychecks – additional administrative expense, the risk of fraud, and canceling lost checks. We hear that you would prefer to pay workers by direct deposit, but because they do not have bank accounts, you have had no choice but to keep paying with checks.
WiseWage is a non-profit owned company that helps workers choose from safe prepaid debit cards and checkless checking accounts.
We believe that WiseWage can reduce your payroll costs. Because they understand the pain points that prevent workers from getting a bank account, they have developed a program that will satisfy the reasons that otherwise prevent some workers in our industry from becoming “banked.”
WiseWage’s accounts are available to anyone, regardless of their credit history. They are designed to be affordable even for low-income workers. They have found that many workers avoid bank accounts because they fear paying a surprise overdraft fee or because they do not have enough in savings to avoid minimum balance fees. The cards on WiseWage do not have an overdraft service, and there is no minimum balance requirement.
The company has created a unique web page for CAA at https://www.wisewage.org/partner/CAA. You will notice that CAA’s name, as well as other content, appears on the page. All you have to do is send your workers to WiseWage. In short order, they will have an account that can accept payment by direct deposit. As we said, the WiseWage accounts are open to everyone. In fact, WiseWage even has cards designed to serve Spanish-speaking workers.
The site also offers a payroll card. Whereas as the individual debit cards present an easy fix for smaller businesses with only a handful of unbanked workers, the payroll card can solve for employers with large numbers of unbanked workers.
Our new partnership demonstrates our industry’s commitment to providing the best working conditions for its employees.
We hope that you will use this new benefit.