EarnIn launches $2.99 price point for Expedited Earned Wage Access (EWA) Transfers
06 Agosto 2024 - 5:00AM
Business Wire
Earnings transfer straight in one’s own bank
account, requiring no subscriptions, membership fees, or pay cards
when customers enroll in Direct Deposit
EarnIn, a pioneer in Earned Wage Access (EWA), or on-demand pay,
announced today the launch of $2.99 expedited transfers (also known
as Lightning Speed), becoming a leader in low-cost EWA. EarnIn’s
new low-cost transfer solution can be available to any US worker
with a consistent paycheck. Customers simply need to download the
EarnIn app, and forward a qualifying Direct Deposit1 through a
virtual account with our partner bank2.
This new low cost transfer allows customers to access their
earnings into their current bank account, without requiring a
subscription, membership fee, or use of a pay card. With nearly 60%
of the country living paycheck to paycheck, EarnIn’s latest
offering allows customers to access a portion of their earnings
into their own bank account right away- and ahead of payday- for
only $2.99 per expedited transfer.
“Working Americans are struggling to make today’s payday
schedule work for their everyday expenses. Bills are not due on
payday and expenses are not incurred systematically. We need a
financial system that meets the growing demands of payments today,
while reaching people in a way that is economically feasible,” said
Ram Palaniappan, Founder & CEO of EarnIn.
EarnIn’s $2.99 expedited transfer offering is in addition to
their always-on, no-cost EWA solution, in which EarnIn offers wage
access to anyone with a paycheck at no cost, with no interest, no
mandatory fees, and no credit checks3.
About EarnIn
EarnIn lets you access your money as you earn it — not days or
weeks later.
We're on a mission to reimagine the way money moves to empower
every person’s potential. That starts with payday every day and
builds with automated savings tools, credit monitoring, and
low-balance alert features. All with no interest, no
credit checks, and no mandatory fees4. So our customers
have as many opportunities as possible to spend and save on their
terms.
EarnIn’s pioneering Earned Wage Access app is backed by
world-class partners like A16Z, Matrix Partners, and DST. Since our
founding in 2013, 3.8 million customers have given it over 380,000
5-star reviews for helping them access over $15 billion in
earnings.
Learn more at EarnIn.com.
1Eligibility for qualifying direct deposit may vary based on the
specific EarnIn product you use. For detailed information, please
refer to the terms of service associated with each product (Cash
Out, Deposit Account, EarnIn Card). 2EarnIn is a financial
technology company, not a bank. Banking services provided by Evolve
Bank & Trust, Member FDIC. 3Restrictions and/or third party
fees may apply, for more information please review our Terms of
Service available at http://EarnIn.com/TOS. 4EarnIn does not charge
interest or mandatory fees for use of its services. Restrictions
and/or third party fees may apply, for more information please
review our Terms of Service available at http://EarnIn.com/TOS.
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Media: press@earnin.com