Bailey McCann
speaker
178 appearances
3 recordings
1 series
first heard Feb 2020
last heard Oct 2023
Bailey McCann’s voice in public audio — every appearance, attributed to the second.
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Appearances
You have to have direct deposit through your employer, but it's all self-directed from that point.
So you set up the app yourself.
You put in your direct deposit information.
And if you need an emergency expense, you can get an advance directly.
of like $100, and then when your direct deposit comes through, the app will just take out that $100 on the same day.
For the apps, it depends on what you're setting up.
If you're doing a prepaid card or something like that, there may be fees associated with those cards.
But they're generally going to be much, much lower than the other options of like doing a payday loan, doing a hardship loan from your 401k, where the interest rates and the cost to take those loans out can be very, very high.
I think it's an awareness campaign.
A lot of it's coming through HR departments, you know, just making people aware of it.
But another thing that a lot of big supporters of financial wellness are advocating for right now is automatic enrollment.
So in that case, you would have to actually opt out of your financial wellness program.
And the idea behind that is what we've seen, for example, in retirement plans.
If it's opt in, people stay in them.
And if they want to opt out, they really have to think about it and go through the process of opting out.
And supporters of financial wellness programs say if you do the same thing with financial wellness, it just gets people thinking about
budgeting, savings, cash flow, how to manage all of that, even if they ultimately don't stay in the program, at least they've been forced to think about it at some point.
Thank you.
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