The CashPay prepaid card is an easy way to replace the inconvenience of handling a payroll check. It removes the need to carry large cash sums once you get paid. You can access your money at any time. It can be used for purchases anywhere that Visa is accepted.
Helpful alerts can be associated with this prepaid card as well. You can receive email or SMS text alerts whenever you receive a deposit or when your balance reaches a specific point. Just log into your account on the Bank of America portal, enter your contact details, and select the alerts you wish to receive.
Fees Associated with the CashPay Prepaid Card
Fees for the CashPay prepaid card are determined on a case-by-case basis. They are included as part of the initial consumer agreement.
Cardholders who receive the CashPay card are responsible for fees that are associated with their account, even if they do not agree with the rates negotiated by their employer.
Most cardholder or account-owner fees can be paid by the employer. The fees within the agreement issued, however, are subject to a process of review and change.
How to Use the CashPay Prepaid Card
The CashPay prepaid card is usually an option that an employer offers to their employees when direct deposit is required. It is an option reserved for workers who do not have a checking account or do not wish to have their paycheck deposited into an existing account.
Most cardholders will receive their new CashPay card within 7 business days of a request. Instant issue cards may also be available from an employer. Cardholder names are not present on instant issue CashPay cards.
To begin spending what is available on this prepaid card option, cardholders must contact Bank of America once they receive the card to activate it. Then, once an employer makes a deposit, cardholders can use it as a regular debit-style card.
Withdrawal limits of $1,000 are in effect at ATMs. Cardholders are also permitted to withdraw any amount of their pay directly from a teller.
Because this is an employer-based option, any questions regarding payments received must be directed to the representative that manages the program. In most circumstances, cardholders are not permitted to load their CashPay prepaid card with funds received independently of their paycheck.
View for additional information about the Bank of America CashPay prepaid card.