Earned Wage Access, Free of Fees | Instant Financial (2024)

FAQs

What is earned wage access on DailyPay? ›

DailyPay's earned wage access platform — also known as on-demand pay — gives your employees more control over their earned pay leading to greater financial wellness. This increased financial control not only helps your employees in their everyday lives but also benefits your company.

What is EWA? EWA or earned wage access is the ability for employees to access a portion of their already earned wages, if needed, outside of a traditional pay cycle. It's also sometimes referred to as early pay, instant pay or on-demand pay.

Earned wage access, or EWA, is a company benefit that allows employees to receive part of their paycheck before payday. Also called on-demand pay, it's frequently an option for hourly workers. Companies like Walmart, Amazon and McDonald's offer EWA as part of their benefits.

Early Wage Access (EWA) allows employees to access part of their earned wages before the traditional payday, aiming to help workers manage unexpected expenses or financial emergencies. While EWA programs vary, most offerings enable access to wages already earned, though some services may resemble loans.

In February 2022, a legal opinion issued by the California Department of Financial Protection and Innovation (“DFPI”) concluded that employer-provided earned wage access (“EWA”) transactions are not loans under the California Financing Law and California Deferred Deposit Transaction Law.

Any pay you transfer early with DailyPay is taken out of your paycheck. So if you see less in your paycheck than you normally get, check to see how much you transferred early (including any DailyPay fees). Did you know that you may have no-fee options available?

EWA may come with costs and fees that both employees and employers need to be aware of. Some providers charge transaction fees or even enrollment fees for using the service, which can eat into the amount of money employees access early.

Multiply the employee's total work hours by their hourly wage. For example, if the employee worked 40 hours during the week at a wage of $22 per hour, their gross wages are 40 hours x $22 = $880.

With Earned Wage Access (EWA) you can get a portion of the money you've already earned before payday and avoid high interest loans, overdrafts and late fees. Access your earned wages through the Payactiv app¹ and transfer them to your existing bank account, debit card, or the Payactiv Visa^® Card*.

We offer flexible employee pay solutions, with no fees.

How does instant financial work? ›

Confirm your employer is set up with Instant, and download the Instant app. Complete your work as usual, doing what you do best. Receive a notification in the Instant app, offering up to half your day's wages. Your pay is then loaded directly to your account, ready for you to use instantly.

With more than half of Americans worried about making their money last until payday, Instant is empowering countless workers across the country to access their earnings how they choose, at companies like Bloomin' Brands, Papa Johns, Gen Korean BBQ and more.

We give your employees instant access to their earned wages at any time of the month; giving them the flexibility to get paid whenever and however they want.

With Earned Wage Access (EWA) you can get a portion of the money you've already earned before payday and avoid high interest loans, overdrafts and late fees. Access your earned wages through the Payactiv app¹ and transfer them to your existing bank account, debit card, or the Payactiv Visa^® Card*.

Earned Wages or 'earned income' means moneys that have accrued to the benefit of a consumer for services rendered to an obligor, according to representation by the consumer or obligor and reasonable determination by an earned wage access service provider.

You will have access to any amount up to, and including, the available balance shown in your DailyPay online account. For the first three pay periods after you enroll in DailyPay, your Available Balance will be 50% of your gross pay 25% if you have garnishments, such as child support payments).