TravelBank
TravelBank is a financial wellness platform that helps companies provide tax-free commuter benefits to employees. Employees can use pre-tax dollars to pay for transit and parking costs. TravelBank aims to reduce commute-related stress and environmental impact.
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wellness
commute
transit
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pretax
TravelBank: Tax-Free Commuter Benefits Platform
TravelBank is a financial wellness platform that helps companies provide tax-free commuter benefits to employees. Employees can use pre-tax dollars to pay for transit and parking costs. TravelBank aims to reduce commute-related stress and environmental impact.
What is TravelBank?
TravelBank is a financial wellness platform designed to help companies provide tax-advantaged commute benefits to their employees. The key features and benefits of TravelBank include:
- Allows employees to set aside pre-tax dollars from their paycheck into a commuter benefits account. This helps reduce commute costs by up to 40%.
- Covers expenses for public transit (train, subway, bus, ferry, etc.), parking near work or public transit stations, vanpool, and bicycle costs.
- Provides a mobile app and debit card that offers seamless access to the funds 24/7. Employees can instantly pay for transit passes, tickets, parking and more.
- Offers personalized commute insights and carbon footprint tracking to encourage green transportation options.
- Easy and automated administration for HR with detailed reporting and exports to simplify benefits enrollment and regulatory compliance.
- Integrates with all major payroll providers for efficient and accurate deductions.
- Superior support from commute benefit experts including dedicated account management.
In summary, TravelBank helps companies provide IRS tax-advantaged commuter benefits to their workforce while reducing environmental impact and easing financial stress related to commuting expenses.
TravelBank Features
Features
- Allows employees to set aside pre-tax income for commuting expenses
- Integrates with payroll systems for easy setup and management
- Offers debit cards for employees to access funds
- Provides reporting for companies to track program usage and savings
Pricing
- Subscription-Based
Pros
Saves employees money on commuting expenses
Simple for companies to administer
Convenient debit card for accessing funds
Eco-friendly by promoting public transit use
Cons
Limited to commuting expenses, not general travel
Requires adoption by employer, not for individual users
Debit card could incur fees if not used properly
Official Links
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