Branch, the mobile-first technology that helps employees grow financially, today announced the launch of new financial wellness tools developed specifically for hourly workers.
In partnership with Mastercard and Evolve Bank & Trust (“Evolve”), Branch now offers a free, digital checking account and debit card for hourly workers to increase their financial stability.
With the new Branch Mastercard debit card and account, Branch will become the first early wage access technology to offer instant paycheck advances at no cost. Branch debit card holders can instantly access a portion of their earned wages ahead of their paycheck for free. Users will also have the ability to deposit and receive their funds without any fees or minimum balance requirements. These additions build on the application’s other features that help hourly workers address their financial challenges including budgeting tools and the ability to boost earnings by picking-up shifts.
“We've seen that once an hourly employee joins the workforce, their employer is their first entry into the financial system,” said Atif Siddiqi, Branch CEO. “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. Given their income volatility and limited access to the support they need, we want to provide hourly workers a strong start on their financial journey and offer services that help them improve their financial wellness and save.”
“The way people work today has evolved significantly and as such we need to ensure that we are also evolving the means in which they get paid so that they continue to have access to stable and flexible solutions,” said Sherri Haymond, EVP of Digital Partnerships for Mastercard. “We are thrilled to further extend our partnership with Evolve and Branch in order to ensure that workers can receive their hard earned pay on their terms in a means that works best for their personal financial management approach.”
Branch works with employers to provide financial wellness benefits to attract and retain their hourly workforce. The enterprise program can help employers save on turnover, overtime, and paper check costs, which can cost employers up to $2-$4 per check. Branch is working with the Mastercard network and Evolve, which is FDIC insured, to issue the debit card.
“Evolve recognizes the void Branch is filling by offering this new debit card,” said Scott Stafford, President and CEO, Evolve. “We continue to sponsor partners who are leading the way in developing much needed financial services and making them available to underserved segments of the workforce.”
Users can sign up for the debit card within the application, available for download on both iOS and Android. Branch is currently working with selected enterprise partners on debit card deployment and open to all new employers for sign-up.