Mobile banking app Chime has launched a new financial service called MyPay, which is designed to change how people access their earnings. MyPay allows eligible Chime members to access up to $500 of their pay, including government benefits, before their scheduled payday.
Per pay period, MyPay advances can be deposited into members’ Chime checking accounts within two days at no cost, or funds can be received instantly for a nominal fee of $2 per advance. To pay off a member’s balance, the borrowed amount is automatically deducted from the next direct deposit made to their Chime account.
Chime’s newest offering compliments its existing services, including Get Paid Early, which grants members access to their entire paycheck up to two days early, and SpotMe, a fee-free overdraft protection for up to $200. Members can join an early access waitlist for MyPay before the service becomes widely available through the Chime app in summer 2024.
