PALO ALTO, Calif., March 27, 2019 /PRNewswire/ -- Earnin, an app that allows anyone with a job and a bank account to get paid the minute they leave work, announced today the launch of a new and free service called Balance Shield Alerts.
The service will be used to help its community members avoid overdraft fees by alerting people if their bank balance is in danger of being overdrawn.
By turning on Balance Shield Alerts, customers will be informed via a push notification when their bank balance falls below an amount they specify, which can range from $0 to $400. Like the rest of the app, the new service is free to all customers.
Community members can also use an existing feature of Balance Shield in order to automatically cash out up to $100 each time their balance falls below $100.
"Of all the unfair things about the American financial system, overdrafts affect those of us struggling with our finances and can bury us in fees," says Ram Palaniappan, CEO of Earnin. "With Balance Shield Alerts, our community members can take even more control of their finances and actively ward off unfair fees - for free."
In 2000, the median overdraft fee was $18. In 2017, it was up to $30. Last year, Earnin helped affected community members save $20 million in overdraft fees. With the launch of their new service, the company expects to help even more people avoid overdraft fees.
Did you know? Every year banks rake in billions in overdraft fees. In 2018 alone, consumers paid a whopping $34.3 billion in overdraft fees — the most they've paid since 2009, during the end of the Great Recession, according to a new report from research firm Moebs Services.
Earnin is the new, faster way to get your paycheck. Unlike traditional, rigid paychecks that only show up every two weeks, Earnin gives you access to your pay as you earn it -- any time, any day, right from your smartphone. Earnin charges no fees or interest for using the service; instead, with each transaction, users have the opportunity to pay what they believe is fair.
Launched in 2014, Earnin leverages mobile technology to drive consumer-empowered finance. The company aims to break open more than $1 trillion held up in America's pay cycle.
Current funding partners include Andreessen Horowitz, Matrix Partners, Ribbit Capital, Felicis Ventures, March Capital.
To learn about Earnin and how we are building a financial system that works for people, please visit www.earnin.com.