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DailyPay Rebrands Its Card, Adding New Merchant Cash Back Offers

Fintech Finance

The DailyPay Visa® Prepaid Card will remain a general purpose reloadable (GPR) card with an app that allows users to transfer a portion of their earned wages to the card in real time*, and with no fee** if the user has updated their direct deposit to the card. Other fees and limits apply. See Cardholder Agreement for details.

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Digital Banking Apps Vs The Establishment

PYMNTS

Coming in at number one with its “two days early” guarantee on direct deposit funds availability and automatic savings options, Chime has proved its popularity with the app banking crowd. The Top 5 Digital Banking Apps.

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Instant ACH Transfers Online

Payment Savvy

Instant ACH transfers are a modern innovation in digital payments, allowing for near-real-time movement of funds between bank accounts. Unlike traditional ACH transfers, which can take several days to process, instant ACH transfers significantly reduce the waiting time, making funds available to recipients within minutes.

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Deep Dive: How Prepaid Cards Support Faster, More Accessible Employee Compensation

PYMNTS

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 A 2018 survey polled 158 U.S.

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Chime’s Expanding Banking Services Menu

PYMNTS

Chime also offers tools that are particularly appealing to younger banking customers, such as automatic savings pushes that instantly round up purchases to the next dollar (a la Bank of America’s Keep the Change program) and options to automatically deposit 10 percent of the customer’s direct deposit payroll into savings.

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Deep Dive: The Benefits And Challenges Of Real-Time Push Payments

PYMNTS

There is a long timeline during which payees may call upon the funds, with banks being legally required to cash checks within six months of issuance — many will permit doing so long after that time frame. Push payments are typically used for payroll direct deposits , mobile P2P services or wire transfers.

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Deep Dive: Why The US Treasury Adopted Debit Rails To Disburse Stimulus Funds

PYMNTS

The government initially delivered EIP funds in one of two ways: Consumers who had up-to-date direct deposit details on file with the Department of the Treasury could accept stimulus money straight into their accounts, while others had to wait for paper checks to arrive in the mail. The Five-Month Gap.