Dozens of employers — including fast-food chains Arby’s, Wendy’s, Jimmy John’s and Taco Bell as well as retailers Big Lots, Dollar Tree and Kroger— are now giving employees the option to withdraw money from their paychecks moments after finishing their shift by using smartphone apps like Branch or DailyPay.
“Usually people aren’t taking out $100 to go to the bar at night,” DailyPay Chief Marketing Officer Jeanniey Walden told CBS MoneyWatch. “They’re taking out, for example, $37.10 because they have a light bill that they forgot to pay.”
Such apps are essentially software add-ons to existing payroll systems like ADP. Employees can download the app on their iPhone or Android device and log in using a company-provided email or phone number. The app shows workers by the hour how much cash they’re earning as their shift progresses throughout the work day and allows them to transfer their wages to a connected bank account with the touch of a button.
Join the conversation as a VIP Member