CU Launches Earned-Wage Access Benefit for Members

East County Schools FCU CEO Steven Devan
East County Schools FCU CEO Steven Devan

East County Schools FCU has officially launched an innovative financial wellness benefit for school district employees called "MyPayNow," an app-based service allowing these members in San Diego County early access to their earned-but-unpaid wages each month (up to $1,000) at no cost.

East County Schools FCU has officially launched an innovative financial wellness benefit for school district employees called "MyPayNow," an app-based service allowing these members in San Diego County early access to their earned-but-unpaid wages each month (up to $1,000) at no cost.

Employees simply download the free app to their mobile device, open a free checking account at East County Schools Federal Credit Union and have their payroll direct deposited there. This financial wellness benefit allows employees who traditionally only receive one paycheck per month, a second paycheck, at no cost to themselves and no cost to the school district.

Requested wages are transferred to an employee's East County Schools FCU checking account within an hour, anytime 24/7/365, and are paid back on payday.

MyPayNow utilizes the technology of PayActiv, the leader in the earned-wage access industry, which serves over one million employees working for nearly 1,000 businesses at more than 20,000 locations. PayActiv and East County Schools FCU partnered together to offer MyPayNow to the education community in San Diego County.

Initial feedback has been very favorable from our early adopters: “Very easy to understand and navigate. This is a fantastic option for people who have ever used a “payday loan” merchant etc., and even better, no fees.” Said Lynn, a SECA in Cajon Valley Union School District. Joshua Lunn in Child Nutrition agreed: “This service is very convenient to have quick access to cash instead of having to wait until the end of the month.”

School districts interested in offering this unique benefit to their employees will contact the credit union for implementation, which can be ready to go live to employees within about four weeks from inquiry.

Whether members need cash for an emergency, want to reduce their interest expense on credit cards, or take advantage of a great opportunity, MyPayNow is a cost-free way for them to access earnings within minutes.

East County Schools Federal Credit Union exclusively serves the needs of school employees, their families and school districts in San Diego County. The credit union has a rich history of serving  the education community since 1956 and has won numerous awards for these services including the coveted “Community Partner of the Year” award at the California School Boards Associations 2015 “Honoring Our Own” celebration, and the 2010 Credit Union National Association’s National Dora Maxwell – Social Responsibility Award. More information may be found at www.EastCountySchools.org/mypaynow.

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