Why do companies require employees to have bank accounts for payroll, and what if I don’t want any relationship with banks?

Great question! Problem here is that there is no efficient way of taking your pay-stub or cheque and cashing out at an ATM (for little or no fees), or cashing out elsewhere (again for little or no fees).

Quite a few US companies are working on this, trying to resolve this payroll cash-out mechanism on to pre-paid debit card, with zero load or withdrawal fees. Cards that are VISA/MasterCard associated, that can be used on various POS networks and be accepted everywhere VISA/MasterCard is accepted.

They would ideally also be used at various kiosks etc. that have a relationship to allow cardless cash payout.