The CFPB issued a groundbreaking Approval Order for the Payactiv Earned Wage Access program.
The CFPB Approval Order describes the Payactiv EWA Program as an “innovative mechanism for allowing consumers to bridge the gap between paychecks;” and also covers both Payactiv’s free and fee-based EWA models.
CFPB, Payactiv Approval p.8 (Dec. 30, 2020)
The Approval Order is specific to Payactiv and the first time the bureau has issued an approval for a financial innovation.
See how this Approval Order affects the Earned Wage Access space and what Payactiv has done to get here.
*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.