What is Cash Pay?
The University has partnered with Bank of America to offer a new employee service called "CashPay". CashPay is a Visa-branded card, which allows you, the employee, access to your pay 24 hours a day, 7 days a week via purchases everywhere Visa is accepted, ATMs and PIN-based point-of-sale (POS) terminals.
The CashPay account will be a separate account from your checking or savings account, and is with Bank of America. You do not need to have an existing bank account with Bank of America to participate in CashPay.
What are the benefits of having CashPay versus receiving a check?
The principal benefits are:
- Saves time--easy access to pay by 9:00am (standard direct deposit availability of funds) and no waiting in lines to cash a pay check.
- Improved convenience--use for purchases everywhere Visa is accepted, for purchases at PIN-based point of sale locations, and to withdraw cash at virtually any ATM 24/7.
- Improved security (No longer have to walk around with large amounts of cash).
- Reduced check chasing cost (some pay up to 15% of face value to cash check at check cashing stores).
- Improved control over money (take only what you need, when you need it).
- Account information and Customer Service available 24 hours a day, 7 days a week.
How do I sign up for a CashPay Card?
Complete a Direct Deposit Application or Cancellation Form available on line at www.usc.edu/payroll, or from your Home Department Coordinator. CasyPay is available for payroll only and is not available from Disbursement Control.
If this is your initial set up for CashPay, leave the account number field blank on the "Direct Deposit Application or Cancellation Form". It will be assigned by Bank of America once Payroll Services submits your application. Be sure your home address is accurate on the Payroll System. Your pay check or advice slip will reflect the current address on the system. If it is incorrect, contact your Home Department Coordinator immediately.
Do I have a choice between direct deposit and CashPay?
You may direct 100% of your paycheck to CashPay, or only a portion of your pay, as long as the rest of your paycheck is direct deposited to other bank accounts. You may not receive a portion of your pay as CashPay, and the remainder on a paper paycheck.
How long will it take to receive my card?
Once you sign up, it will take approximately 2 weeks before you receive your card. It will arrive via U.S. postal mailed to your home address.
Can I sign up for additional CashPay accounts?
Yes. You may have more than one CashPay account for one employer.
What if I work for more than one company?
Simply provide your CashPay routing and account number (obtained from CashPay Customer Service) to each company and all deposits will be made into your CashPay account. Or, if you desire, you may have a separate CashPay account for each company.
Will my name appear on my CashPay card?
Yes, your name will appear on the CashPay Card.
Can my CashPay account be a joint ownership account with my spouse?
No. All CashPay accounts will be issued in your name only, similar to how your paycheck is issued in only your name.
Can I use my CashPay card immediately?
Once you receive the card, you must call into CashPay Customer Service to activate the card. Once this occurs, you may use the card as soon as USC makes the deposit on your regularly scheduled payday.
How can I be sure of the balance in my account?
You can complete a balance inquiry using automated account information via the toll-free customer service number or at an ATM. If you have a Visa-branded CashPay card you may also check your balance online at www.cashpay.com. It is recommended that you perform a balance inquiry first, so you will know how much money is available in your CashPay account. CashPay will allow you to make unlimited balance inquiries at an ATM.
How do I make a Visa purchase using my CashPay card?
You can use your CashPay Visa-branded card wherever you see the Visa sign. Just press "credit" and you will be asked to sign a receipt.
Can I get cash at a POS terminal?
Many merchants or stores, like grocery and convenience stores, and U.S. Post Offices, will offer the ability to take up to a certain amount in cash back with the purchase. The amounts could vary by merchant, but usually are $20, $50, or $100.
Do I have to take my entire paycheck on payday?
No. You may use your CashPay card everywhere Visa is accepted, at ATMs and at pinned point-of-sale (POS) terminals for any portion of your available balance as often as you like. Safeguard your money and take only what is needed.
Is there a daily maximum I can take from my CashPay account?
No. Unlike a traditional bank account, CashPay has no daily purchase or withdrawal limits and you have full access to your available balance at any time. However, ATM owners determine how much their ATMs will dispense per transaction (up to 40 bills) and the employee may need to make multiple withdrawals to take the amount needed. If more cash is required, back-to-back withdrawals can be made.
Are there transaction fees and when they are charged?
You will receive a CashPay Schedule of Fees with your card. Fees are charged as they occurred. Any fees charged to your CashPay account will be deducted and listed on your monthly statement.
For more information, please contact University Payroll Services at payroll@usc.edu or
at 213-740-8855.
Who should I call with questions about my CashPay account?
You will be provided the toll-free CashPay Customer Service number when you receive your card. This number is displayed on the back of your card as well as on your monthly statement received in the mail.
What are the Customer Service Hours?
For your convenience, both automated account information and dedicated Customer Service Representatives are available 24 hours a day/7 days a week.
CashPay automated account information options include:
- Card activation
- PIN selection and changes
- Check account balance and recent transactions
- Check date/amount of last deposit
- Transfer funds to another account
- Opt to speak to a Customer Service Representative
CashPay Customer Service representatives can help you with the above options, plus:
- Change of name and address
- Resolve a question about your account statement
- Process duplicate statement requests
- Investigate transactions
- Process lost/stolen/damaged card reports
- Request an emergency cash transfer
- Close your account
Who should I contact concerning the amount of pay or amount credited to my account?
Contact your Home Department Coordinator--Do not call CashPay Customer Service.
Can I use my local banking center for customer service on this account?
No. All CashPay customer service needs must be directed to the toll-free CashPay Customer Service number. Banking centers can assist with standard checking and savings accounts, but not CashPay.
How do I get my address changed on this account?
All account maintenance activities should be directed to a CashPay Customer Service Representative. It is important that you inform your Home Department Coordinator immediately as well.
What time of day can I withdraw my pay?
Your pay will generally be available at the traditional opening of business on the payday, or approximately 9am. After this time, you can withdraw your pay virtually 24 hours a day.
What will I receive in my card package?
The following items are in your Card package:
- CashPay card
- Safety tips when using the ATM
- "About Your CashPay Account" booklet (holds card in front cover)
- Deposit Agreement, Schedule of Fees and Privacy policy
How do I make changes or cancel this service?
Complete the "Direct Deposit Application or Cancellation Form" to cancel or make changes to existing instructions. (NOTE: Any changes or cancellation of instructions must be received at Payroll Services at least 15 days before payday.) You may also take the card with you if going to another company. Simply inform Customer Service & they will provide you with the information needed to give to your new employer. As the cardholder, you can then call Customer Service to close the account directly.
Note: Only the account owner can close a CashPay account.
