Jul 5, 2013

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Big Volume Runners: Wal-Mart Stores Inc. (NYSE:WMT) and Home Depot Inc. (NYSE:HD)

Big Volume Runners: Wal-Mart Stores Inc. (NYSE:WMT) and Home Depot Inc. (NYSE:HD)

Wal-Mart Stores Inc. (NYSE:WMT) and Home Depot Inc. (NYSE:HD) are amid the firms being probed by the New York attorney general over fees charged workers on prepaid cards used as employee paychecks.

The firms, which contain Time Warner Cable Inc. (TWC) and Darden Restaurants Inc. (DRI), were demanded for information regarding their use of the cards, consisting of disclosures to workers and fees that workers pay, as per reported by to letters got by Bloomberg News.

We are fretful regarding excessive or insufficiently revealed fees which might excessively lower workers take-home pay, New York Attorney General Eric Schneiderman’s office reported that in the letters to the firms recently.

The use of prepaid payroll cards is enhancing, as per reported by a February 2013 report by research and advisory firm Aite Group, which stated that $34 billion in gross dollar volume was laden onto 4.6 million active payroll cards in 2012. The company projects those figures to increase to $68.9 billion and 10.8 million cards by 2017.

Schneiderman’s investigation into the prepaid cards comes as his office probes possible labor infringements by fast-food restaurants in New York, consisting of breakdown to pay overtime and inadequate reimbursement for work-associated costs.

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