Affirm adds account to bolster card
Payments Dive
NOVEMBER 15, 2023
The buy now, pay later provider’s account will offer savings-level interest, ATM access and direct deposit, Affirm executives said.
PayPal Waives Check Cashing Fees For Stimulus Checks
PYMNTS
DECEMBER 22, 2020
This can be done from a mobile phone, without the user leaving their home to go to a bank or ATM. According to the IRS, they'll use the same Direct Deposit details as they did the first time, the release stated. "In
Checks 
113
113 
The Basics of Electronic EFTs: What is an Electric Funds Transfer?
EBizCharge
JUNE 3, 2024
ACH is designed to process batches of transactions, such as direct deposits of salaries or social security benefits and direct payments for bills. Bank ATM: Transactions conducted at bank ATMs also fall under the EFT category. The table below outlines the typical timeframes for different types of EFTs.
Reg E in Focus: CFPB Enforcement and Compliance Tips
Innovative Payments Association
JULY 8, 2024
Regulation E, also known as the Electronic Fund Transfer Act, is a federal regulation that governs electronic transfers of funds, such as ATM transactions, debit card transactions, and direct deposits.
Reg E 52
52 
Deep Dive: Why Staffing Agencies Must Consider Payroll Cards
PYMNTS
MARCH 2, 2020
A 2019 report found that 93 percent of American employee respondents received their earnings through direct deposit, 5 percent were paid through paper checks and 2 percent relied on alternatives like payroll cards. Employees’ Payroll Card Opinions. The number of activated payroll cards in the U.S. rose from 3.1 million in 2010 to 5.9
Payroll 52
52 
Understanding Electronic Funds Transfer (EFT)?
Nanonets
SEPTEMBER 28, 2023
Here are some of the most common: ACH (Automated Clearing House) Transfers Wire Transfers Credit Card/ Debit Card Transactions as EFT Mobile Payments Electronic Checks (eChecks) Point-of-Sale (POS) Payments Direct Deposits Recurring Payments EFT accounts can be checking or savings.
Understanding Electronic Funds Transfer (EFT)?
Nanonets
SEPTEMBER 28, 2023
Here are some of the most common: ACH (Automated Clearing House) Transfers Wire Transfers Credit Card/ Debit Card Transactions as EFT Mobile Payments Electronic Checks (eChecks) Point-of-Sale (POS) Payments Direct Deposits Recurring Payments EFT accounts can be checking or savings.
Wealthfront FinTech Rolls Out Debit Account Capability
PYMNTS
JUNE 29, 2020
With the Wealthfront mobile app, customers with direct deposit can get paid up to two days early, as well as set up direct deposit for other payments like a tax refund or company expenses.
Accounts 60
60 
Neobank N26 Reaches 250K Customers Since August
PYMNTS
JANUARY 27, 2020
Accounts opened through N26 also have no hidden fees and offer access to a network of over 55,000 Allpoint surcharge-free ATMs. Also, users can get their pay up to two days earlier with direct deposit.”.
BoA Puts The Kibosh On Free Checking Accounts For Low-Balance Customers
PYMNTS
JANUARY 23, 2018
According to a report in The Wall Street Journal , all of the customers that still had eBanking accounts were moved to bank accounts that charge a $12 fee each month if they don’t have at least $250 directly deposited into the account or if they don’t maintain a daily balance of at least $1,500.
Checks 56
56 
What is an EFT Payment? Everything to Know About This Method of Payment
Stax
JULY 9, 2024
EFT transactions also include ATM withdrawals using debit cards with a personal identification number (PIN). Many cash-only businesses have an ATM onsite, given how ubiquitous debit cards are. An ACH credit is commonly used for transactions like receipt of direct deposit payments.
Deep Dive: How Prepaid Cards Support Faster, More Accessible Employee Compensation
PYMNTS
NOVEMBER 20, 2020
These employees therefore cannot receive direct deposits and may have to accept paper checks — as well as the fees necessary to cash them — unless they are paid using newer methods like payroll cards. Alternative payroll methods are also important in countries like the U.S., One survey found that 6.5
Payroll 78
78 
What Is an Electronic Check?
Payment Savvy
NOVEMBER 14, 2022
An eCheck is often referred to as a direct debit, ACH payment, or ACH transfer. With an electronic check, money is electronically transferred from the payer’s checking account to the seller’s checking account, where it is directly deposited after passing through the national ACH network. Consider Direct Deposit System.
Checks 52
52 
Digital Bank N26 Offers New Perk Partners To US Debit Card Users
PYMNTS
DECEMBER 10, 2019
One of Europe’s fastest-growing mobile banks, N26 also offers direct deposit customers the ability to get their salary up to two days early. Cash withdrawals are free at more than 55,000 Allpoint designated ATMs and customers also get two free out-of-network withdrawals per month.
Debit Card 52
52 
Bank Of America Faces Backlash After Eliminating Free Checking
PYMNTS
JANUARY 23, 2018
Now, unless they have a direct deposit of $250 or more each month or can maintain a balance of $1,500 at the minimum, they must pay a $12 monthly fee. The change is expected to hurt lower-income customers who can’t meet the requirements to avoid the fees. This is one of the lowest qualifiers in the industry — and a great value.”.
Checks 43
43 
Cash Out: PhonePe On India’s Mobile Payments Adoption
PYMNTS
NOVEMBER 18, 2020
The workers can then use these cards to make retail payments in-stores and online, as well as collect cash at the ATM. Issues like these are prompting employers to look for easier, digital ways to pay and ones that are accessible to employees who lack bank accounts for accepting direct deposits.
How Payroll Supports Employers’ Position As Financial Wellness Coach
PYMNTS
NOVEMBER 9, 2018
The biggest impact of this shift is businesses’ decision to embrace direct deposit over paper paychecks, a trend that took off and led to nearly 94 percent of employees being paid this way, according to the American Payroll Association. Employers are no longer simply the bi-weekly ATM for a worker.
Payroll 55
55 
Acorns Reportedly Seeks Over $100M In Funding
PYMNTS
NOVEMBER 16, 2018
Customers of Acorns’ services will also be able to get up to 10 percent of each of their local merchant purchases deposited into their accounts. In addition to those perks, Acorns Chief Executive Noah Kerner said particular care was paid to the card’s design.
Why Consumers Need Digital Banks To Be Better, Not Just Cheaper
PYMNTS
JULY 30, 2019
ATM fees, on the other hand, average around $4.66. Consumers can get free checking and savings accounts, free access to a network of 55,000 ATMS, zero percent APR credit-check-free loans of $250 or less (with direct deposit) and free zero-fee managed investing. or $163 a year.
Consumer 76
76 
PayPal Teams With ebizmarts To Integrate With Magento
PYMNTS
APRIL 17, 2018
Among the services offered is insurance via the Federal Deposit Insurance Corporation for balances that scale up to limits set in place by the government and image capture for deposits. In addition, employers can directly deposit their wages into accounts, while debit cards can withdraw cash at ATMs.
PayPal 40
40 
Savings App Qapital Adds Checking Account, Debit Card To Its Services
PYMNTS
AUGUST 4, 2017
And the company is aiming to provide a best-in-class checking account with banking partner Lincoln Savings Bank, eliminating ATM, overdraft and other fees charged by some of the incumbent banks. To us, it really comes down to making the value proposition compelling in how we combine spending and savings together,” Friedman said.
Debit Card 43
43 Credit Karma To Advance Tax Refunds For Free
PYMNTS
JANUARY 5, 2018
The Serve Card has no monthly fee, does not require a credit check and includes free withdrawals at over 24,000 ATMs nationwide. Additional perks include free early direct deposit and free online bill pay. The company said the advance funds will be provided to customers via a new American Express Serve Prepaid Card.
Tax Refunds 41
41 
Disrupting Traditional Payroll For A New Economic And Global Normal
PYMNTS
MAY 12, 2020
Individuals can then use those funds as they wish — to pay bills and deal with unexpected expenses, withdraw their earned wages through a network of ATM partners, or make purchases either in store or online. There are no direct fees to employees or employers.
Payroll 108
108 
Digitizing Servers’ Daily Tips
PYMNTS
MAY 6, 2019
Employees have no issues when tips are paid in cash, but when patrons choose to pay their bills with credit or debit cards, managers must often run to ATMs at the end of the night so servers can leave with the funds they’re owed. . There are some 2.6 million restaurant servers in the U.S., Helping Waitstaff Find Financial Responsibility .
Debit Card 40
40 
Payroll Cards No Longer Just For Low-Wage, Underbanked Employees
PYMNTS
JULY 31, 2018
In addressing the issue of excessive fees, the payroll card industry has an opportunity to remake its reputation, from a payment vehicle for employees who have no other option in how they get paid to one that employees strategically choose over other vehicles, like direct deposit, for financial management and convenience.
Payroll 41
41 
Chime’s Expanding Banking Services Menu
PYMNTS
JANUARY 8, 2019
Chime also provides its customers with access to a network of roughly 40,000 free ATMs nationwide.
Debit Card 64
64 
FICO Fights Prepaid Card Fraud with AI and Machine Learning
FICO
MARCH 9, 2020
Even though prepaid cards share common functions with regular debit cards, including making payments and receiving direct deposits, prepaid card transactions may show intrinsically different characteristics.
AI 52
52 Walmart’s Early Pay Sizzles While Munchee’s ICO Bites The Dust
PYMNTS
DECEMBER 15, 2017
“Push payments” have value in the movement of funds directly to workers who have — well, worked — and who do not necessarily want to wait for the pay cycle to end in order for direct deposit to show up. ATM hacks: Hackers have targeted Russian and U.S. banks, pilfering $10 million over the past year at ATMs.
Push-to-Card 46
46 
Why Aspiration Says Big Banks’ “Bad Decisions” Were Its Gain
PYMNTS
JANUARY 30, 2018
The rules were simple: Consumers had to (a) have $250 direct-deposited each month into their account and (b) transact with the bank in a purely digital fashion (with no physical branch privileges) in exchange for a free checking account. The program was intended to compete with the “digital only” banks popping up at the time.
NCR: How Platforms Enable Banks To Be ‘Digital-First’ Fast
PYMNTS
FEBRUARY 13, 2020
The branch is a digital ecosystem in and of itself,” he said, “and it should be connected to the digital banking, self-service ecosystem,” as the footprint — including the ATM — is not going away. Conventional wisdom may hold that millennials want a purely self-service experience when it comes to their financial lives. “And
Feature Friday: Free Financial Consults for BankMobile VIPs
Fintech Labs Insights
MAY 22, 2015
The digital-bank division of Pennsylvania-based Customers Bank (powered by Finovate alum, Malauzai ), which has grabbed 3,00 accounts in its first four months, added two perks to anyone who drops $1,500 or more into their checking account each month: ATM rebates : Unlimited reimbursement for use of any of 400,000 U.S.
Consulting 29
29 
Virtual Cards Run Into Payroll Card-Like Legal Troubles
PYMNTS
JULY 17, 2018
Employees hit with costs to make purchases with their payroll cards, withdraw cash at ATMs, check balances and other everyday banking needs are fighting back against those fees, and introducing new conversations about the legal language of “lawful money,” employee protections and beyond.
Payroll 40
40 Deep Dive: Why Employers Are Turning To Payroll Cards
PYMNTS
JULY 16, 2018
Employers are increasingly moving away from depositing paychecks into employees’ bank accounts, offering instead to add them to payroll cards. Payroll cards work like debit cards, allowing employees to purchase goods and services or make cash withdrawals from ATMs.
Payroll 42
42 
TRENDING: Will Millennials Flock To Next-Day Cash Back Debit Rewards?
PYMNTS
MARCH 1, 2018
Once payments are disbursed, cards can be used to make online and in-store purchases, withdraw funds from an ATM, transfer funds or pay bills. PYMNTS also found that 54 percent of gig workers are paid using direct deposit, a sign that paper checks could face further decline as a payment option.
Finovate Alumni News
Fintech Labs Insights
JANUARY 7, 2016
EyeLock partners with Diebold to develop new ATM experience using mobile app, QR codes, and iris scanning. Trustly partners with GoldMoney’s BitGold to connect with financial institutions for direct deposits and redemptions. adds support for logins via social media. LiveRamp interviews Cardlytics CMO, Dani Cushion.
SMB Challenger Banks: Lili Focuses on Freelancers
Fintech Labs Insights
MAY 24, 2021
Faster access to direct deposits. Can deposit cash via GreenDot’s “@ the Register” (retailer typically charges up to $4.95 Free ATM transactions through MoneyPass ($2.50 The website ( see screenshot below ) has a modern look and feel and immediately highlights the startup’s USP: Banking designed for freelancers.”
SMB Challenger Banks: Lili Focuses on Freelancers
Fintech Labs Insights
MAY 24, 2021
Faster access to direct deposits. Can deposit cash via GreenDot’s “@ the Register” (retailer typically charges up to $4.95 Free ATM transactions through MoneyPass ($2.50 The website ( see screenshot below ) has a modern look and feel and immediately highlights the startup’s USP: Banking designed for freelancers.”
What Is an EFT Payment?
Payment Savvy
NOVEMBER 9, 2022
Setting up direct deposit for your paycheck. The history of electronic funds transfers begins in the 1960s, with the advent of ATMs. Today, many different types of EFT services are available, ranging from direct deposit to online banking. ATM Transactions. Direct Deposit. How EFT Payments Work.
Understanding EDI Payments: Key Differences from ACH and EFT Transactions
EBizCharge
JULY 18, 2024
ACH is widely known for processing large credit and debit transactions, including direct deposits and bill payments. Variety of Transfers: EFT includes a broader array of transactions, such as wire transfers, electronic checks, ATM withdrawals, and ACH payments.
ACH 52
52 Firecracker Research Informs Payments Decision Makers
PYMNTS
JULY 4, 2018
High satisfaction rates, to the tune of 81 percent, come in tandem with innovations such as shared branching, in which ATMs and services are universal across the network. Direct deposit remains the most popular choice for nearly 54 percent of respondents, followed by instant payments at 22 percent.
Research 40
40 
Wire Transfer vs Electronic Transfer
EBizCharge
APRIL 25, 2024
EFTs typically include digital payments such as direct deposits, ATM transactions, and credit and debit card payments. For example, direct deposits allow employees to receive their salaries without physical checks, while mobile payments enable consumers to purchase or transfer funds with a few taps on their smartphones.
ACH vs. EFT Payments: What’s the Difference?
Payment Savvy
NOVEMBER 8, 2022
Using your debit card to buy groceries or withdraw cash from an ATM is technically an EFT in the broader sense. EFT payments incorporate any kind of digital payment, including but not limited to ATM withdrawals, direct debit payments, electronic checks, or person-to-person transfers through online banking or smartphone apps.
ACH 98
98 
Data Dive: The Yes, No, Gotcha! Edition
PYMNTS
JANUARY 8, 2018
Those who opt to file with Credit Karma and take their refund early will have their funds deposited onto an American Express Serve Prepaid Card. The Serve Card has no monthly fee, does not require a credit check and includes free withdrawals at over 24,000 ATMs nationwide.
Tax Refunds 42
42 
Despite Demonetization, Cash Still Thrives In India
PYMNTS
JUNE 8, 2018
Once access to them expands, the government would have needed to urge companies to pay employee salaries using direct deposit, then gradually phase out larger denomination bills. However, promoting digital bank accounts was just the first precondition.
Economy 49
49 
Let's personalize your content