Sometimes financial terms can be confusing – we get it, and we’re doing something about it! Check out the definitions to the terms SOLE uses most frequently when we’re chatting with you on the phone or when you’re scrolling through our website.
Account Number: This is a number that is specific to your SOLE Paycard. You need your account number whenever you set up a new direct deposit, so you can get paid! Log in to your account to find your account number. To learn how, watch this video.
ACH Transfer: A transfer from one bank account to another bank account.
ACH Reversal: An employer pulling back incorrect payroll dollars sent to your account. Whoops!
ATM (Automated Teller Machine): We’re guessing you already know what an ATM is, but you may not know that there can be fees associated with using them. We suggest you get cash back the next time you’re at the grocery store instead!
Budget: Something you should have in place, so you don’t spend all your money on Big Macs.
Cash Back: This is a fee-free way to get cash from your account when you make a purchase with your card. Watch this video to see how.
CIP (Customer Identification Program): When you receive a SOLE Paycard, we are required by federal law to verify your identity. Likely, your employer has done this for you. Sometimes though, the information that your employer provided is incorrect. In this situation, SOLE puts a hold on your account until we can verify your identity. All we need from you is a scanned copy of your identification card and social security card sent to firstname.lastname@example.org. Easy peasy!
Direct Deposit: Money that is deposited onto your SOLE Paycard and available to use instantly. You can use your paycard to receive direct deposit from your employer(s), government benefits, and your tax refund! Find out how.
Hold: Sometimes a merchant can “hold” a dollar amount in your account to confirm they are able to charge you for the amount you spend on things like tips. Don’t worry, once the transaction settles the “held” money will be released back into your account.
Income: The moola you make from working all those long hours.
Issuer: A financial institution that holds money for card companies like SOLE. The issuing bank is like the safe where your money is held; SOLE is like the door to that safe.
Overdraft: When you make a payment that exceeds the amount of money that’s in your account. Lucky for you, you can’t overdraft your SOLE Payroll card! To learn more, read our blog post: Can You Overdraft a Payroll Card?
Paycard: A prepaid card given to you by your employer to pay your wages or salary. It can be used anywhere Visa debit is accepted. Remember, your SOLE Paycard belongs to you – take it with you if you get a new job, or use it to have your income directly deposited from a second or third job!
Pending Transaction: Money that has been approved to be taken out of your account but has not yet been removed. Be careful – your balance is not up-to-date yet!
POS (Point of Sale): The machine you use when you swipe your card to buy something.
Reg E: This rule protects you, our payroll cardholder, from waiting long periods of time for recovery of unauthorized or fraudulent use of your funds. Learn more about how your card is protected.
Routing Number: A nine-digit number that identifies the issuing bank where your account is held. You can find your routing number by watching this video!
Tax Return: Every year, by April 15th, you need to file a tax return – this means filling out paperwork with your financial information from the previous calendar year. The paperwork is sent off to the IRS to determine how much you owe or how much you’re owed! You can have your tax refund deposited onto your SOLE Paycard to receive it faster than a paper check. Find out how by reading this blog post.
What other terms would you like to see defined in our Financial Keyword Bank? Let us know in the comments!