PayActiv, the only EWA Program to receive an Approval Order from the Consumer Financial Protection Board (CFPB), welcomes Hancock Whitney, the first bank to offer PayActiv’s financial wellness solution to its bank clients.
Starting immediately, Hancock Whitney will include PayActiv as an additional banking solution for its business clients. “We are pleased to offer PayActiv to our business clients with 100 or more employees. This solution aligns perfectly with our goal of helping clients achieve holistic financial wellness,” says John Hairston, the chief executive officer of Hancock Whitney.
With PayActiv in the workplace, businesses help their employees avoid costly service fees and charges associated with short-term payday loans. By accessing a portion of their already earned but unpaid wages, a PayActiv user can save up to hundreds of dollars in fees and charges. According to the CFPB, “the PayActiv EWA program is an innovative alternative to credit.”
“Hancock Whitney has shown leadership and lived its commitment to serve hard-working Americans. Their clients can now attract, retain and recruit talent with a powerful and innovative benefit,” said Safwan Shah, CEO of PayActiv.
“Businesses that choose Hancock Whitney can now help workers live the lives they’ve earned, navigate the ups, downs and unknowns in life and be able to participate more fully in the economy they helped create,” Shah concluded.
The EWA Program from PayActiv is the only one to have received an Approval Order from the CFPB and available across 50 states. PayActiv saved users $572 million in payday loan, overdraft and late fees and reduces turnover by up to 50 percent.