Remove Direct Deposit Remove Junk Fees Remove Regulations
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Thoughts on 1033 and Open Banking

Innovative Payments Association

So, it is not as though open banking regulations will give people more choices. 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).

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

Tearsheet

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.