CFPB, Direct Deposit and Junk Fees

Thoughts on 1033 and Open Banking

Innovative Payments Association

JANUARY 10, 2024

If people believe it is hard to move accounts because they have direct deposits or automatic bill payments established, that reflects their inertia (and maybe the difficulty of dealing with their employers). But the CFPB sees it differently. ” That overlooks the main point: There is nothing preventing that now.

Junk Fees

Junk Fees CFPB Rules Direct Deposit

The shifting EWA regulatory framework and its impact on bank partnerships and instant payment adoption

Tearsheet

MARCH 27, 2024

Workers have the option to receive EWA funds at no cost within 1-3 days via ACH, or they can opt to have their direct deposit sent to a reloadable Visa debit card, named Friday by DailyPay. Alternatively, DailyPay charges a fee if employees choose to instantly send EWA wages to a card or account.

Instant Payments

Instant Payments RTP Consumer Financial Protection Bureau (CFPB) FedNow

Payments Space

Thoughts on 1033 and Open Banking

The shifting EWA regulatory framework and its impact on bank partnerships and instant payment adoption

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