New Oklahoma Pay Card Ruling
If you are an employer in the state of Oklahoma effective November 1, 2022 you are now permitted to pay Oklahoma employees wages via a payroll card option if an employee does not provide direct deposit account information.
What is a pay card or payroll card? Under the law, “payroll card” is defined as a card or other device used by an employee to access wages from a payroll card account. A “payroll card account” is defined as a prepaid account that is directly established through an employer and to which transfers of the employee’s wages, salary, or other compensation are made on a recurring basis.
A few things to note with this new mandate is that wages paid to a pay card must be available to the employee on the scheduled pay date. Employers also cannot require all employees use paycards for wage access, the mandate only comes if the employee does not consent to receive their wages via direct deposit through a financial institution.
This can be a very beneficial ruling for Oklahoma employers as it allows organizations to further streamline their payroll processes by eliminating live checks from payroll!
If you are a current client of Exodus HR and are interested in implementing a payroll card solution for your organization, we partner with Spentra Mastercard Payroll Card to provide a seamless payroll card experience for our clients! Spentra integrates directly with UKG and there is no additional cost to the employer. Spentra is also easy for employees to use as well with thousands of ATM locations in the US and a mobile app for employees to manage their funds 24/7.
Reach out to your Exodus HR team today to discuss how Spentra could be your company and your employees payroll card solution!
If you would like to know more about Exodus HR and how we can partner with your business to help streamline your payroll and HR processes, contact us today!
