Wal-Mart Stores Inc (NYSE:WMT) is giving employees access to their paychecks before pay day.
The ability to gain access to paychecks before pay day is available to employees through the Even app. This is a financial management tool that lets employees withdraw their paychecks early eight times a year for free. Any time after that and WMT will subsidize the Even subscription to do so.
Walmart notes that all of its employees will have access to the Even app. This includes it hourly workers, salaried employees and those working for its eCommerce division. The app is able to do this by linking to employees’ checking accounts, prepaid accounts or Walmart Associate Paycards. It also connects to the WMT payroll system.
“Every American worker faces unexpected and stressful between-paychecks expenses,” Safwan Shah, founder and CEO of PayActiv, said in a statement. “With on-demand access to earned wages, Walmart associates will be able to save more, avoid the financial traps that reduce their take-home pay, and get a level of stability that few service sector employers provide.”
Walmart also points out that its employees can use the Even app to help with their financial planning. This includes using information from their upcoming paycheck to plan for bills and other expenses. Once this is taken care of, the app will show employees how much money they will have left to spend before their next paycheck. WMT hopes that these tolls and other features will allow its associates to better plan for the future.
As of this writing, William White did not hold a position in any of the aforementioned securities.