DailyPay Announces Fee-Free Access to Earned Wages

NEW YORK, September 21, 2022 /PRNewswire/ — Furthering its mission to create a new financial system that works for everyone, DailyPay announces a new no-fee transfer option (1-3 business days). Millions of working Americans across the country now have a fee-free money transfer option so they can pay bills, spend, save, or invest on their own schedule. This announcement follows the recent launch of DailyPay Friday by DailyPay™, an app and all-purpose rechargeable card that allows DailyPay users to access instant EWA without a fee when they upgrade their direct deposit to Friday.

In partnership with America’s top employers, DailyPay works with companies to offer financial tools to their employees, giving employees, many of whom are often unbanked or unbanked, access to Pay Balance, on-demand pay and a much-needed financial lifeline and a Cash flow offer solution. This service provided much-needed financial support to workers during the pandemic and may be particularly relevant in providing financial flexibility as so many are struggling financially with high inflation. In fact, 75% of hourly workers are having trouble paying their expenses this year, according to a recent study Harris survey on behalf of DailyPay and Funding Our Future. DailyPay will be rolling out its new 1-3 business day fee-free money transfer option to its user base in the coming weeks.

“It’s all about choice and access,” he said Matthew Kopko, Vice President, Public Policy, DailyPay. “Our users now have the option of paying a small ATM-like fee for an instant transfer, or a no-fee option for a transfer in 1-3 business days. We also recently introduced Friday, a new general-purpose rechargeable (GPR) prepaid card and app that allows users to receive instant, fee-free transfers. These moves align with our mission to give millions of Americans access to their paychecks and the ability to take control of their finances on their own schedule.”

Leveraging on-demand pay can offer workers a more optimal way to make ends meet. A to learn by The Aite-Novarica Group on behalf of DailyPay shows that workers who previously relied on payday loans, overdraft fees, friend loans, and arrears fees can save several hundred dollars a year in reduced interest on loans, overdraft fees, and arrears fees by using DailyPay use.

That to learn also shows that 95% of DailyPay users who previously relied on payday loans either gave up payday loans or reduced usage after DailyPay. Additionally, 97% of those who said they had overdrawn their bank account prior to using DailyPay reported rarely or never encountered overdraft fees (79%) or fewer overdraft fees (18%) after using DailyPay. Reducing the need to rely on payday loans, advances, or personal loans from family and friends allows working professionals to improve their credit score, build savings, and feel more financially empowered and independent. New research in 2022 from the Mercator Advisory Group confirmed similar findings on employee financial well-being.

About DailyPay

DailyPay, Inc., powered by its industry-leading technology platform, is committed to building a new financial system for everyone. DailyPay offers the industry-leading on-demand pay solution with modern, insights-based pay strategies that help America’s top employers activate their workforce and build stronger relationships with their employees so they feel more engaged, work harder and stay longer . Through its vast data network, proprietary funding model and connections to over 6,000 endpoints in the banking system, DailyPay ensures that money is always in the right place at the right time for employers, merchants and financial institutions. DailyPay is headquartered in NYCwith operations in Minneapolis and Belfast. For more information visit www.dailypay.com/press.

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