How does DailyPay help employees budget and save?

DailyPay provides three capabilities that help employees budget and save:

1. Track
2. Save
3. Learn

Track

Employees primarily use DailyPay for visibility into their earnings in advance of payday. Pre-tax earnings show their gross earnings for one or more paychecks along with a breakdown of how much is earned in each pay period.

Pretax earnings and details for each paycheck are provided in the DailyPay app.

Further details show the shifts worked and each shift’s impact on earnings. Shift information is updated daily so the latest shift details are always available.

This insight into earnings, typically updated daily, provides employees with information they can use to proactively plan their budgets and align earnings with upcoming expenses. For example, they can determine  if another shift is needed to meet the amount of a bill coming due.  

Detailed information for each shift is provided in the app. 

SAVE

DailyPay provides employees with two ways to save so they can choose the method that works best for them:

• Split Direct Deposit : set it and forget it
• Direct Save: instant allocation of earnings to saving

To help employees understand where their paycheck will go on payday, we’ve introduced a new setting called Direct Deposit. Here, employees can update their direct deposit location. 

Employees can also update their Automatic Savings, now renamed Split Direct Deposit. This allows employees to send a portion of their remainder pay to a separate bank account on payday. We aim to help more employees take advantage of it and achieve their savings goals.

The functionality of DailyPay on payday remains unchanged. Our goal is to use language that employees are familiar with and make the app as user-friendly as possible, ensuring everyone feels in control of their pay.

Direct Save provides employees with the flexibility of an instant save feature. This real-time savings ability positively reinforces employees’ saving behavior by enabling them to allocate any amount of their Available now balance into savings. Starting with even $1 begins building the habit of saving.

LEARN

DailyPay provides employees with no-fee access to financial wellness coaching. AFCPE-certified financial counselors can help employees manage expenses, build savings, make a plan to pay off debt and so much more!

Here’s how employees can sign up:

1. Log in to the DailyPay app
2. From the home screen click on the Rewards icon at the bottom right
3. Scroll down and click on “Learn More” under Free Financial Counselor
4. Click on “Enroll Now”
5. Click on “Sign Up” under New User if you have not used this benefit previously
6. Fill out the required information and submit