Earned wage access emerging as a competitive requirement

Earned wage advances, in contrast, can become problematic when offered to either members or staff.

CUES member Elizabeth Sharpe recently shared with the CUES Net member community that a couple of her members had moved their accounts to Chime “because of the early availability of their funds. Some regional banks in my area (Memphis) have begun early access too.” (Chime is a fintech that partners with regional banks to provide certain fee-free mobile banking services.)

President/CEO of HealthNet Federal Credit Union, Cordova, Tennessee, Sharpe says that her $58 million organization is talking about posting “our ACH credits when we receive them.”

Posting ACH credits on receipt rather than waiting a day or two and posting them on the posting date is emerging as a competitive requirement in today’s financial services landscape. Several other CUES members shared with the CUES Net community and with the author in follow up emails how they do this. They join the ranks of many financial services players, including Chime, OneWells FargoMoneyLion, and Earnin. (Here’s a Nerdwallet list of 32 doing it.)


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