Chime, provider of a banking app, is announcing MyPay, a new offering that will aim to transform how everyday people access their pay in America.
MyPay, Chime’s innovation, lets eligible members “access up to $500 of their pay, including government benefits, before payday with no interest, no credit check, and no mandatory fees.”
That means members can get “access to their pay on their terms, whether it’s a needed trip to the vet, taking advantage of a last-minute offer for tickets to a sold-out concert, and everything in between.”
With MyPay, members are in “control of payday to tackle whatever life throws their way.”
Chime recognizes that the traditional pay cycle in America “does not work for everyday people living paycheck to paycheck.”
In 2022, Americans earned $10 trillion “in wages and salaries, but 73% of workers have to wait at least two weeks to receive their pay, leading many to rely on high-interest credit cards, payday loans or overdraft fees to make it to their next paycheck.”
MyPay Makes It Affordable and Easy to Choose Your Payday
- Free or Low Cost: MyPay advances are deposited to members’ Chime checking accounts within 2 days for free. They can also opt to get funds instantly for a low flat fee of $2 per advance.
- Transparent & Simple: With MyPay, Chime members can get an advance when they want so they’re in control of their pay. MyPay requires no subscription fees, no tipping, no mandatory fees, no interest, and no credit check.
- Seamless: MyPay advances are transferred to a member’s checking account (FDIC insured through Chime’s bank partners) for a seamless, easy way for members to get their pay when they want before payday. No extra apps to download or services to subscribe to.
Madhu Muthukumar, Chief Product Officer at Chime, said:
“Chime was founded on the belief that everyday people deserve access to helpful, easy, and free banking services to help them stay in control of their finances and unlock financial progress. The rigid, outdated pay cycle just doesn’t match how people spend their money and live their lives. For more than a decade, Chime has listened to our members, and the tens of millions of people living paycheck-to-paycheck, to build industry-leading services like Get Paid Early and SpotMe, that directly deliver on their needs. MyPay is the perfect complement to these offerings that give members greater flexibility and control over when and how they access their money.”
MyPay is available directly in the Chime app “for a seamless experience, so members can conveniently access their pay without having to download any extra apps or sign up for a separate subscription outside of Chime.”
Chime members will become eligible to “enroll in MyPay by receiving qualifying MyPay direct deposits of $200+ into their Chime checking account plus other qualifying criteria.”
Eligible members can access $20 – $500 each pay period, which may “increase or decrease over time.”
Eligible members select how much they’d like “to have advanced and it’s deposited directly into their Chime checking account within 2 days fee-free.”
They can also opt to get funds instantly “for a flat fee of $2 per advance.”
There are no other fees, tipping or subscriptions required.
Repayment is easy, the update notes while adding that the balance “is simply repaid when the next direct deposit arrives.”
Starting from now, they’re launching MyPay via a waitlist “where members can get early access to MyPay before it is available widely later this summer.”