This is an important day for us. It’s About Time, the film on earned wage access is now available at ItsAboutTimeTheFilm.com.
The 16-minutes short film examines the role of time and earned wage access as tools to help workers escape financial duress through the stories of several American workers who are living paycheck-to-paycheck. It accurately tells the story that we at PayActiv have known for some time: The two-week pay system causes undue hardship and financial stress and is the legacy of an outdated system.
I’m honored to be interviewed alongside experts, including Edward Van Wesep from University of Colorado Boulder; Sanjiv Das from Santa Clara University; Todd H. Baker, senior fellow at Columbia’s Richman Center for business, Law & Public Policy; Raj Sisodia, co-founder of Conscious Capitalism, Jennifer Tescher, president and CEO of the Financial Health Network, Richard Cordray, former director Consumer Financial Protection Bureau (CFPB)* and Attorney General of Ohio.
Their collective expertise highlights the incredible benefits of changing the timing of pay, including better financial management and even reduced crime.
The film also features two of our clients, Ibex in Charleston, WV and Nazareth Home in Louisville, KY, while highlighting the benefits they’ve seen for their businesses, including increased productivity and reduced turnover.
There’s no reason for an employer to take a two-week, interest-free loan from their hourly workers. This film helps us get closer to our vision to bring security, dignity, and savings to the millions experiencing financial stress.
Please watch the film and share. For every share, we’ll be donating $5 for financial wellness, up to $100,000.
* The CFPB Approval Order relates only to Payactiv’s Payroll Deduction EWA Programs and not to all Payactiv products or services. The Approval Order is a public document, and may be reviewed here.
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*The Payactiv Visa Prepaid Card is issued by Central Bank of Kansas City, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Certain fees, terms, and conditions are associated with the approval, maintenance, and use of the Card. You should consult your Cardholder Agreement and the Fee Schedule at payactiv.com/card411. If you have questions regarding the Card or such fees, terms, and conditions, you can contact us toll-free at 877-747-5862, 24 hours a day, 7 days a week.
1 Many (but not all) employers, government benefits providers, and other originators send direct deposits early with an effective of 1-2 days later. Beginning with your second direct deposit of at least $5 from the same source, Central Bank of Kansas City (CBKC) will post the funds to your Payactiv Visa Card when we receive it, rather than on the effective date. This may result in your having access to the funds sooner. The date CBKC receives your direct deposit and the effective date are controlled by the originator.