Branch, a app-based fintech that offers workers advanced access to their pay, announced a partnership with Evolve Bank & Trust and Mastercard to offer a zero-fee checking account and debit card.
Branch said the agreement makes it the first early wage fintech to offer customers advanced access to their paychecks at no cost. Users will be able to deposit and receive their funds without any fees and be able to get advanced access to their paychecks through the Branch debit card.
“We’ve seen that once an hourly employee joins the workforce, their employer is their first entry into the financial system,” Atif Siddiqi, CEO of Branch, said in a company release. “Most traditional financial services actually make it more challenging for hourly workers to balance their finances, whether it’s expensive overdraft fees or minimum balance requirements.”
Branch is working with selected company partners on deployment of the debit card. Customers can apply for the debit card within the app, which is available for download on iOS or Android.
Cover image courtesy of Branch.