DailyPay Creates Overdraft Fund for MyPayrollHR Victims
/Background: Earlier this week Clinton Hill, NY-based MyPayrollHR and parent company ValueWise shut down without warning, leaving more than 250,000 employees without a paycheck and about 5,000 companies without resources to cover them. While the FBI has been engaged, it’s important to note that fly-by-night payroll companies and “neo-payday” loan providers are still preying on small businesses and their employees.
Action: DailyPay, a NYC-based financial technology company that enables employers to provide compliant on-demand access to employee wages, is shocked and dismayed at the MyPayrollHR shutdown and is committing $25,000 to pay for overdraft and/or late fees for those affected employees. Any employee who has incurred a late fee or non-sufficient-funds fee as a result of their pay not being deposited into their bank accounts will be reimbursed up to $100 per employee. Any employee affected by the shutdown of MyPayrollHR is encouraged to email paythepeople@dailypay.com to find out how to securely apply for the Relief Fund.