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Chime® is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.
It’s MyPay at Work™, and it’s what your employees want.
Sometimes payday can’t come soon enough. That’s why there’s MyPay at Work™. Now employees are free to access their wages when an emergency arises or they need cash fast. All fee-free and instantly.
Our people invented this for your people.
When it comes to Earned Wage Access, we wrote the book on it.
Unlike legacy EWA provider programs, MyPay at Work™ is no-fee — the model favored by federal and state laws and consumer protection groups, like the CFPB.
It’s no fees for you or your employees. Ever.
Over 1 million 5-star reviews.
We are proud to be The Most Loved Banking App® and one of the most downloaded banking apps in America.2
With MyPay I am able to take care of anything that life throws at me, such as last minute expenses, last minute bills or just having a little money in my pocket for myself to enjoy.
What is Earned Wage Access?
Earned Wage Access (EWA) allows employees to access their earned wages before payday, providing financial flexibility and reducing reliance on high-interest loans.
However, in 2024, the Consumer Financial Protection Bureau (CFPB) proposed legislation ensuring EWA services become completely free for employees, reinforcing its role as a critical tool for promoting financial wellness and stability in the modern workforce.
Currently, many legacy EWA providers claim that they’re free, yet charge transaction or subscription fees for employees to access their funds. However, Chime’s MyPay at Work solution is free to employees and employers. No fee — ever!
Earned Wage Access is going No-Fee.
In a consumer-driven world, employees dictate when and where they want their pay through the popularization of EWA, also known as on-demand pay.
While many legacy employer-integrated EWA models promise a “no fee” benefit for employers, employees often end up footing the bill through hidden costs like transaction fees or subscriptions. Not Chime’s MyPay at Work, we never charge a fee.
Earned Wage Access Platform
EWA allows employees to access a portion of their earned wages before their scheduled payday, providing financial flexibility and reducing reliance on payday loans or credit cards. It can serve as a standalone solution or a key element of a broader financial wellness program.
EWA supports immediate cash flow needs and complements tools like savings features, budgeting resources and financial education. EWA platforms empower employees to manage their finances proactively, improving financial stability and reducing stress without requiring program bundling.
Earned Wage Access App for Employees
An Earned Wage Access (EWA) app allows employees to access a portion of their earned wages before payday, providing greater financial flexibility.
These apps are user-friendly, mobile-accessible, and designed to simplify the process of early wage access, often including additional tools like savings and budgeting features.
Earned Wage Access Laws and Regulations
EWA is becoming increasingly regulated to ensure transparency and consumer protection. In 2024, the Consumer Financial Protection Bureau (CFPB) proposed legislation requiring EWA services to be completely free for employees, eliminating fees and hidden costs. These regulations aim to standardize practices, prevent predatory behavior, and protect users from financial harm.
Emerging state-level guidelines also focus on data privacy, compliance with labor laws, and ensuring EWA programs provide genuine financial benefits to workers.
Chime works within applicable federal and state laws to achieve a high standard of consumer protection that’s in the best interests of consumers.
FAQs
What does “no fee” Earned Wage Access (EWA) mean?
No-fee Earned Wage Access (EWA) means that neither the employee nor the employer needs to pay a fee if an employee wants to access their earned wages. Unlike legacy on-demand pay solutions, Chime Enterprise’s EWA solution is totally free for employees to access their pay on demand.
What is compliant Earned Wage Access (EWA)?
We anticipate, based on the CFPB’s interpretative rule, Compliant EWA is no-fee EWA – no fee for employees, no fee for the employer.
How does CFPB regulate Earned Wage Access?
The CFPB, Consumer Financial Protection Bureau, came out with an interpretative rule in July 2024 that stated when an employee pays a fee to access their earned wages, that constitutes a loan, subject to Truth-in-Lending laws. The CFPB said that employees shouldn’t have to pay to access their earned wages. It should be free.
What are potential downsides of EWA?
These are some potential downsides to Earned Wage Access:
- The employee’s paycheck will be smaller on their actual payday, which can lead to reliance on EWA
- The tendency to purchase on impulse may be stronger
- Fees to access EWA can add up for solutions that charge fees
- Instant access may not be available
- Employees may come to rely on EWA, rather than working on a more financially appropriate solution
- Over time, it can make an employee wrack up more debt.
How does Earned Wage Access integrate with payroll systems?
Earned wage access apps easily integrate with an employer’s payroll system to track hours worked and calculate to-date earnings based on hourly rate and hours worked.
How secure is EWA?
EWA apps require vigorous security measures. However, sharing information online always carries risk from hackers, and sensitive employee information could be vulnerable.
Learn more about Chime’s employer-integrated EWA solution.
State eligibility
Right now, MyPay™ is not available in CO, CT, GA, HI, IL, MA, MD, ME, MN, MT, NJ, NM, NV, SD, VT, WA, WI, or WY. Sign up for Chime and we’ll let you know when we expand to your state.