EL CAJON, Calif.–East County Schools FCU has officially launched a financial wellness benefit for school district employees called "MyPayNow” that allows members early access to earned-but-unpaid wages each month, up to $1,000. There is no fee for using the app-based solution, according to the California and Nevada CU Leagues, which first reported the offering.
To use the solution members simply download the free app to their mobile device, open a free checking account at East County Schools FCU, and sign on for payroll direct deposit.
“This financial wellness benefit allows employees who traditionally only receive one paycheck per month, a second paycheck, at no cost to themselves and no cost to the school district,” the leagues noted in its report.
Requested wages are transferred to an employee's East County Schools FCU checking account within an hour, anytime 24/7/365, and are paid back on payday, the report added.
Favorable Feedback
According to the CNCUL, ECSFCU is using a solution from PayActiv, a provider of earned-wage access offerings that serves over one-million employees working for nearly 1,000 businesses at more than 20,000 locations.
According to the California and Nevada leagues’ report, initial feedback has been very favorable from our early adopters.
The $140-million East County Schools said districts interested in offering the unique benefit to their employees should contact the credit union for implementation, which can be ready to go live to employees within about four weeks from inquiry.