19 Del. Admin. Code § 1324-1.0

Current through Register Vol. 28, No. 5, November 1, 2024

Section 1324-1.0 - Definitions

1.1 "ATM" means the automatic teller machine activated by a magnetically encoded card and the transmission of a code which allows card holders to perform routine banking transactions including the withdrawal of cash.

1.2 "Cash" means lawful money.

1.3 "Credit" means the amount of money which is added to an employee's bank account.

1.4 "Demand Deposit Account" means funds that an employee or card holder may withdraw from a bank with no advance notice usually by writing a check or using an automatic teller machine.

1.5 "Direct Deposit" means automatic deposit of wages or benefits into an employee's bank account.

1.6 "Exchange Rate" means the rate agreed upon by the employer and employee as compensation for the performance of work by the employee.

1.7 "Functional Equivalent" means a change in the form of the payment of wages without impacting the substantive rights or value of the employee's wages. For example, a debit card in lieu of cash, check, or credit must provide the full amount of wages without cost to the employee on the regular payday.

1.8 "Payroll Debit Card" is a card that provides an employee with the appropriate means of obtaining all wages earned in a defined pay period in a form that is the equivalent of payment by cash, check, or direct deposit.

19 Del. Admin. Code § 1324-1.0