{"id":4336,"date":"2017-02-20T09:30:00","date_gmt":"2017-02-20T14:30:00","guid":{"rendered":"https:\/\/gtm.com\/business\/?p=4336"},"modified":"2021-03-27T16:07:34","modified_gmt":"2021-03-27T20:07:34","slug":"debit-card-and-direct-deposit-regulations-revoked","status":"publish","type":"post","link":"https:\/\/gtm.com\/business\/debit-card-and-direct-deposit-regulations-revoked\/","title":{"rendered":"Debit Card and Direct Deposit Regulations Revoked"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-4337\" src=\"https:\/\/gtm.com\/business\/wp-content\/uploads\/money-card-business-credit-card-50987.jpeg\" alt=\"debit card and direct deposit regulations revoked\" width=\"1280\" height=\"853\" srcset=\"https:\/\/gtm.com\/business\/wp-content\/uploads\/money-card-business-credit-card-50987.jpeg 1280w, https:\/\/gtm.com\/business\/wp-content\/uploads\/money-card-business-credit-card-50987-300x200.jpeg 300w, https:\/\/gtm.com\/business\/wp-content\/uploads\/money-card-business-credit-card-50987-1024x682.jpeg 1024w, https:\/\/gtm.com\/business\/wp-content\/uploads\/money-card-business-credit-card-50987-1080x720.jpeg 1080w\" sizes=\"(max-width: 1280px) 100vw, 1280px\" \/>The New York State Department of Labor&#8217;s (NYSDOL) <a href=\"https:\/\/gtm.com\/business\/new-york-payroll-card-and-direct-deposit-regulations\/\" target=\"_blank\" rel=\"noopener\">new regulations on paying employees via debit cards or direct deposit<\/a> were set to take effect on March 7, 2017. Last week, the\u00a0New York Industrial Board of Appeals (NYIBA) <a href=\"http:\/\/www.natlawreview.com\/article\/update-dol-regulation-employers-who-use-direct-deposit-and-payroll-debit-cards\" target=\"_blank\" rel=\"noopener\">revoked those regulations<\/a>, explaining that they were invalid because the NYSDOL\u00a0attempted to place restrictions on financial institutions; this\u00a0power is delegated to the New York Department of Financial Services, and therefore the NYSDOL overstepped its authority in creating\u00a0such restrictions.<\/p>\n<p>The new regulations had required\u00a0that\u00a0employers provide notice and obtain consent for employees who elected to receive wages via debit card or direct deposit, along with imposing\u00a0restrictions on how the debit cards are used\u00a0and the debit card fees.<\/p>\n<p><strong>What does this mean for employers now?<\/strong><\/p>\n<p>For now, employers with employees in New York State no longer need to prepare to comply with the new regulations. An appeal could follow the NYIBA&#8217;s decision, so at some point in the future the proposed regulations &#8211; or a version of them &#8211; could become law. In the meantime, employers need to ensure they are still complying with current regulations regarding debit card and direct deposit payments to employees.<\/p>\n<p>GTM will continure to monitor this issue and provide updates as necessary. Please <a href=\"https:\/\/gtm.com\/business\/contact-gtm\/\" target=\"_blank\" rel=\"noopener\">contact us<\/a> for more information.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The New York State Department of Labor&#8217;s new regulations on paying employees via debit cards or direct deposit were set to take effect on March 7, 2017. Last week, the New York Industrial Board of Appeals revoked those regulations.<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[232],"tags":[11,103,6,102],"post_folder":[],"class_list":["post-4336","post","type-post","status-publish","format-standard","hentry","category-gtm-biz-blog-isolved","tag-business-payroll","tag-direct-deposit","tag-new-york-employers","tag-payroll-card"],"_links":{"self":[{"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/posts\/4336","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/comments?post=4336"}],"version-history":[{"count":3,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/posts\/4336\/revisions"}],"predecessor-version":[{"id":9688,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/posts\/4336\/revisions\/9688"}],"wp:attachment":[{"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/media?parent=4336"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/categories?post=4336"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/tags?post=4336"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/gtm.com\/business\/wp-json\/wp\/v2\/post_folder?post=4336"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}