Now companies and government agencies providing subsidies to their employees can have the peace of mind of knowing that funds allocated to their employees can be used for qualified transit or parking expenses without tying up funds for long periods of time in the event that employees are not taking advantage of the benefit.
The Commuter Check Auto Sweep Prepaid Mastercard is a convenient re-loadable card that your employees can use to pay for qualified transit and/or parking expenses under your Commuter Benefits Plan. Qualified expenses are determined by the Internal Revenue Service (IRS) Section 132(f).
Initial funding for the card will take place by the 23rd of the month, for use in the following benefit month. Thereafter, the card will be funded on the 15th of the month.
The amount loaded on the card cannot exceed the available balance in the employees Commuter Benefits Transit or Parking spending account.
Any unused funds on the account will be swept off the prepaid card at the end of the monthly cycle (14th of each month). The employee’s certified amount will be re-loaded at the beginning of each monthly cycle (15th of each month).
The Commuter Check Auto Sweep Prepaid Mastercard may only be used for qualified commuter benefit purchases in accordance with IRS Tax Code 132(f). No cash or ATM access. This card may not be used everywhere Debit Mastercard is accepted.
The Commuter Check Auto Sweep Prepaid Mastercard is issued by The Bancorp Bank pursuant to license by Mastercard International Incorporated. The Bancorp Bank; Member FDIC. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.