The paychecks could be received up to two days early, stepping up competition with companies like PayPal Holdings and Wealthfront, according to American Banker. Work on the new service was discovered inside of a beta version of an upcoming update to the company’s iPhone app. The option is dubbed Early Direct Deposit and will be available within Robinhood’s existing direct-deposit feature. The code also indicates that the service won’t have fees.
Company officials have stated that because eligibility depends on the employer, the app will issue a notification letting the users know if they can get paid early on their next pay cycle.
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