MasterCard Inc. will impose consumer-protection requirements on debit cards that many companies use to pay workers amid concerns that employees are being forced to use fee-carrying cards, the Wall Street Journal reported today. Under MasterCard's rules, to be announced today, employers will be required to offer workers a choice of whether to receive their pay on debit cards, via direct deposit or check. The move comes amid warnings by state and federal officials about the use of so-called payroll cards. MasterCard, the second-largest U.S. payments network, is able to set requirements for banks and other companies that issue debit cards using its network. The rules will go into effect in July for new issuers of MasterCard-branded payroll cards, while existing issuers will have to comply by October.
