7.0 - Paycard Information
Subject: Paycard Information
Source: Financial Management Services
Original Date of Issue: March 2010
Date of Last Revision: May 2019
Rationale: To provide an alternate method of payment for those individuals who do not/cannot receive their pay via direct deposit.
Due to security concerns, cost, and convenience, University Payroll does not mail paper paychecks to employees. Instead, the university typically issues rapid! PayCards to employees who have not signed up for direct deposit following a defined grace period. Once the employee enrolls in direct deposit, IU will no longer load payroll payments on the paycard.
For new employees, the paycard will be issued after the second payroll payment. The first two payroll payments will be issued by paper check that the employee will be responsible for picking up in their campus payroll office.
When the employee picks up their second paycheck, they will be asked to sign up for direct deposit. If they are unable to enroll in direct deposit, they will be issued a VISA rapid! PayCard and future payrolls will be loaded on the paycard.
The paycard can be used at any ATM to withdraw cash or at any vendor who accepts PIN-based transactions. Employees can also withdraw all their funds at any US bank that accepts VISA. Those employees who do have bank accounts can transfer funds from the debit card directly to their bank account online.
- PayCard Factsheet including Cardholder Agreement and Disclosure forms
- Payment Methods and Pay Advices, FIN-PAY-040
- Fiscal Officer's Procedures to Ensure Compliant, Accurate, and Timely Payroll Processing, PSOP 1.0
- Payroll Standard Operating Procedure 23.0: Paycheck and Paycard Pick-up
Responsible Organization: Financial Management Services