BranchMinneapolis-based Branch said on Thursday it has launched new financial wellness tools developed especially for hourly workers. In partnership with Mastercard and Evolve Bank & Trust, Branch will offer a free, digital checking account and debit card for hourly workers to increase their financial stability, it said in a statement.

“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 new Branch Mastercard debit card and the account is an early wage access technology that will offer instant paycheck advances at no cost. Branch debit cardholders 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.

“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.”

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by Krishna V Kurup
Senior Market Analyst at IBS Intelligence
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