Earned Wage Access Can Be Expensive For Employees
Many daily pay providers proudly advertise “No Fees,” but be careful of the fine print! While it may be free to sign up, it's not free to use. Many providers charge a fixed fee every time an employee accesses their funds, sometimes offering up to five transfers a week.
Does DailyPay take your whole paycheck? If you did not take any transfers through DailyPay, you will receive your full paycheck on your regularly scheduled payday! DailyPay will never charge a transaction fee for sending you your Remainder Pay. Remainder Pay is what you receive on payday minus any early transfers.
You won't be able to get all your earnings early with DailyPay. It's likely to be around half of what you earn, especially in the first few weeks. That's intentional and is just to make sure that everything works the way it should in the early months.
Yes, most salaried employees are eligible for DailyPay. You will have access to your earnings starting on the 4th day of each pay period. This means for the first 3 days of your pay period, you will not be able to transfer any of your earnings, and you may see a $0 balance.
You will have access to any amount up to, and including, the Available Balance shown in your Daily Pay account. Once you make a transfer, your direct deposit will change to the Daily Pay Account, and you will be paid by Daily Pay unless you decide to cancel.
How often can I use DailyPay? You can make up to 5 transfers per day. Choose to make transfers on an as-needed basis or have money sent to you automatically every day. This choice can be made (and changed) at any time by going to the “Account Settings” page at and scrolling down to “Payment Settings”.
Updated DailyPay Calculation FAQs
Here's how it works: At the beginning of the pay period, you'll typically see a higher amount available for transfer. Then, as you work more (which generally means your deductions increase), you will see a slight decrease in the amount made available from later shifts.
If you're closing your earnings account but have made transfers in this pay period, DailyPay will deposit your paycheck on your next payday. If you've made transfers with continuous access from two pay periods, DailyPay will deposit your paycheck on your next two paychecks.
Hourly rates are calculated by the number of hours worked, thereby offering a higher degree of precision for both workers and employers. While day rates tend to be more straightforward to budget upfront, hourly rates often provide fairer compensation for workers.
DailyPay is not a payday loan. Payday loans often have hidden fees or interest payments that can leave the borrower in debt. DailyPay enables you to access your earnings before payday, and there is no loan to repay of any kind.
Cons. Offers smaller amounts of money. Despite the more frequent paydays, weekly pay results in lower amounts, which can make it harder for people to budget for longer periods or pay large bills. This is the top disadvantage of getting paid weekly.
Benefits of Daily Payroll
The biggest benefit of a daily payroll is that employees get paid faster! Instead of waiting for every other week, employees get paid at the end of the day after their work is completed. This is beneficial for employees who live paycheck to paycheck and can't afford waiting to pay bills.
All DailyPay client accounts are operated by Wells Fargo. So, after your direct deposit information has been updated with your company it should read as a Wells Fargo account. Was this article helpful?
DailyPay looks at your earned wages and calculates an Available Balance – an approximation of earnings based on the hours you've already worked, minus any withholdings (like taxes, garnishments, etc.). As you work during the week, you will build up your Available Balance.
No monthly service fee for your account. No fee for direct deposit funds from employers, tax refund or government benefit providers. This is a third-party fee and is subject to change. Fees of up to $5.95 may apply when reloading your card with cash at Green Dot® Network reload locations offering cash reloads.
You should pay your overpayment before you make DailyPay transfers again. 1 If you pay the full amount back via bank transfer, you can make transfers again once the payment has cleared. 2 If you automatically pay the overpayment from your next paycheck, you can make DailyPay transfers after your next payday.
If you did make DailyPay transfers in the pay period to get your earnings early, then your paycheck will include everything you earned after your DailyPay transfers, any DailyPay fees, tax and other withholdings are taken out.
DailyPay allows companies to offer their employees access to their earned pay before their scheduled payday, without changing their payroll processes, including the timing of the payroll funds and withholding of taxes.
In California, wages, with some exceptions, must be paid at least twice during each calendar month on the days designated in advance as regular paydays.
These limits are set by DailyPay – not your company – and they do not depend on transfer type. Maximum number of transfers per 24-hour period: 5. Maximum transfer dollar amount per 24-hour period: $1,000.
Companies using DailyPay for Earned Wage Access include: Acrisure, a United States based Insurance organisation with 17000 employees and revenues of $4.30 billion, Duracell, a United States based Manufacturing organisation with 3200 employees and revenues of $2.40 billion, Barnes & Noble Education, a United States ...
Please note: If you have made earnings transfers ahead of payday, you may request DailyPay account closure at any time, but we'll receive one final paycheck from your Employer to cover the transfers that we sent you early, passing along any remainder pay to your bank account on file.