Chime has introduced MyPay, allowing members to access up to $500 of their pay before payday. This new feature aims to help those living paycheck to paycheck by providing a low-cost, transparent alternative to high-interest loans. Members can get funds deposited into their Chime checking accounts within two days for free or instantly for a $2 fee. MyPay has no subscription fees, no mandatory fees, no interest, and no credit checks. It aims to give consumers control over their finances, including government benefits, without extra apps or services. Eligible consumers can join a waitlist for early access.
Read the full article here.