Question

Which of the following are advantages of paycards?(all that apply)

A) Have excess fees for ATM use

B) Must have a bank account

C) Secured access to payroll

D) Do not need a bank account

Answer 1

The advantages of paycards are secured access to payroll and the fact that they do not require a bank account.

Step-by-step explanation:

The advantages of paycards include:

• Secured access to payroll: Paycards provide employees with a secure way to receive their wages. The funds are directly deposited into the paycard, which can only be accessed by the employee using a PIN or other security measures.
• Do not need a bank account: Paycards are an alternative to traditional banking, as they do not require the employee to have a bank account. This can be beneficial for individuals who may not meet the requirements or preferences for opening a bank account.