Following this announcement, MyPay will be leveraged in order to disrupt the status quo in banking by allowing customers and members of the company to unlock financial progress.
In addition, Chime will also focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
The MyPay solution was developed in order to be free or low cost, as its funds are deposited to members’ Chime checking accounts within 2 days for free, or they get the funds instantly for a low, flat fee of USD 2 per advance. In addition, the tool is transparent and simple to use, as it has no subscription fees, no tipping, no mandatory fees, as well as no interest, and no credit checks.
MyPay also allows customers and members to have more control over their finances by providing them with a transparent and low-cost way to get their pay, including several government benefits. At the same time, the product’s advances are transferred to members’ checking accounts (FDIC insured through Chime’s bank partners and collaborators) and are accessible in the Chime application. This process will allow users to get their pay when they need it, before the payday, while there will be no extra apps to download or services to subscribe to as well.
In addition, MyPay will allow qualifying Chime members in America to get an advance on their pay that is up to USD 500 each pay period, based upon eligible Chime members’ limit. Throughout this process, clients will have the possibility to see their available advance amount through MyPay, all within their Chime checking account in the company’s application.
Eligible customers and members can join a waitlist in order to sign up for early access, with the onboarding process being set to begin soon.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now