EarnIn's 'Balance Shield' Helps Customers Protect Their Bank Balance Regardless of Where They Bank, Enabling Working Americans to Avoid the Surprise of Overdraft Fees

Making it easier to stay on-track, Balance Shield provides real-time, customizable low balance alerts and transfers using their own pay, helping customers take control of - and stress less - about their finances.

EarnIn, a pioneer in on-demand pay, announced enhanced features of its Balance Shield product, which helps customers avoid the surprise of overdraft fees and late fees on bills. With new customizable low balance alerts and transfers, Balance Shield can help customers feel more secure and confident in managing their day-to-day bank balances.

Today’s consumer pays on average about $35 per overdraft fee. Balance Shield provides customers a convenient way to help avoid these charges. Free, instant alerts notify a customer whenever their bank account balance falls below their indicated threshold, between $0-500. Coupled with the company’s on-demand pay product, Cash Out, customers can then transfer up to $100 of their available earnings into their existing bank account. In addition, customers can choose to create custom transfers, to have up to $100 of their earnings automatically transferred to their existing bank account if their bank account balance falls below the threshold they set.¹ Customizable transfers can be turned on or off at any time, and Balance Shield works with a customer’s current banking provider, preventing the need to switch banks to take advantage of the product. EarnIn customers already save on average $540 per year by avoiding overdraft and late fees², and features like Balance Shield are another tool customers can use to help protect their bank balance.

Betsy Davies, an EarnIn customer and Balance Shield user stated, “I love that I can turn it on and off and set my own balance threshold. I would describe it to a friend like overdraft protection from your bank, but WAY better because you control it."

Key Balance Shield features include:

• Free, Instant Alerts: Customers get a free, instant alert if their bank balance falls below whatever threshold they set, between $0-500.
• Customized Protection: Customers can opt-in to custom transfers if their bank balance falls below a threshold of their choosing between $0-500. For customers who opt-in, EarnIn will transfer up to $100 from the customer’s available earnings into their existing bank account, helping avoid overdraft and late fees, or having to use savings to cover the cost of a fee.
• No Subscription, No Commitment: Customers can toggle their instant alerts and custom transfers on/off any time—no commitment, no subscription.

“At EarnIn, we’re focused on using technology to streamline financial processes, all designed to help our customers feel more secure and confident in their financial outcomes,” said EarnIn CEO and Founder, Ram Palaniappan. “We find that when our customers have access to financial products that work with their existing banks and bank accounts, their finances become much more manageable.”

The launch of Balance Shield’s new and enhanced features are the latest addition to the EarnIn customer experience with Credit Monitoring launched in 2023.

Learn more about Balance Shield here.

About EarnIn

EarnIn lets you access your money as you earn it — not days or weeks later.

We're on a mission to reimagine the way money moves to empower every person’s potential. That starts with payday every day and builds with tools like Tip Yourself accounts³, Credit Monitoring, and Balance Shield, a low-balance alert feature. All with no interest, no credit checks, and no mandatory fees⁴. So our customers have as many opportunities as possible to spend and save on their terms.

EarnIn’s pioneering Earned Wage Access app is backed by world-class partners like A16Z, Matrix Partners, and DST. Since our founding in 2013, 3.8 million customers have given it over 380,000 5-star reviews for helping them access over $15 billion in earnings.

Learn more at EarnIn.com.

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¹ Automatic transfers have a fee and are processed within 30 minutes. The fee is disclosed at the time a customer enrolls in Balance Shield Transfers. For more details see the Cash Out User Agreement.

² Based on EarnIn Survey of 1654 EarnIn Community Members 10/12/2023 - 11/15/2023.

³ Tip Yourself Account funds are held with Evolve Bank & Trust, member FDIC and FDIC insured up to $250,000. Tip Yourself is a 0% Annual Percentage Yield and $0 monthly fee service. Tip Yourself Account and any Tip Jars are not Savings Accounts. For more information/details visit https://www.earnin.com/evolve-bank-and-trust/tip-yourself/account-terms

⁴ EarnIn does not charge interest on Cash Outs and/or membership fees. Restrictions and/or third party fees may apply, for more information please review our Terms of Service available at http://EarnIn.com/TOS

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