The bi-weekly pay cycle is broken. Your hard-earned money stays locked up in between paydays, leaving many Americans in financial limbo.
At Chime, we're all about unlocking financial progress™ for our members, so we decided to shake things up to unlock America's pay.
We went on a cross-country tour and gave away half a million dollars to unveil MyPay®, our new product that helps members break free from the rigid pay schedule.
During our two-week journey from the East Coast to the West Coast, we not only unlocked the equivalent of $500,000 worth of pay with our sweepstakes, but we also unlocked a new era of financial flexibility with MyPay.
Why do we wait for our pay?
Have you ever wondered why, even though we work each day, we still have to wait so long to get paid? We collectively earn billions every day, but more than 70% of Americans have to wait at least two weeks to get their hard-earned money.1
Meanwhile, the traditional bi-weekly pay cycle keeps an astounding $340 billion tied up every two weeks while workers wait for their pay.2 But life doesn't wait for payday, and some people may turn to high-interest credit cards or payday loans for expenses and opportunities that can't wait.
Find out why the two-week pay cycle came into being, and why we should move past it.
We knew what we had to do: join forces with Kai Cenat and Fanum to Unlock America's pay nationwide.
Teaming up with Kai & Fanum
To spread the word about our MyPay movement and how it transforms the way people can experience payday, we teamed up with Kai Cenat, recently named the #1 most influential creator by Rolling Stone,3 and Fanum, a streamer and creator who knows firsthand how important it is to hustle and get paid on your schedule.
At our NYC launch event on 9/1 in Flatiron Plaza, Kai and Fanum fired up the crowd with their energetic delivery, urging everyone to question the conventional two-week pay cycle. They unveiled the possibility of breaking free from outdated practices and awakened passersby to a new reality where paydays are no longer dictated by an old system — with MyPay, you can get paid when you say™.
Kai put it perfectly, "Waiting for payday is the absolute worst. Two weeks for what? Everyone knows it's a problem, but why are we not solving it?"
Fanum agreed and chimed in, "Come on! What are we doing? Gimme my money!" Kai and Fanum also took to the streets of NYC to talk to everyday Americans about the long wait for their paychecks and how MyPay can empower them to take back control of their pay schedule and financial lives.
Touring the country to Unlock America's pay
To spread the word about MyPay, Chime drove a vault the size of a semi-trailer — representing the jaw-dropping $340 billion locked up in our outdated pay schedule — on a two-week trek across the country.
We wanted to show Americans that there's a new way to achieve financial progress and capture that exciting "payday feeling" outside of the wait to get paid. We celebrated hard-working Americans by giving away $500,000 in cash prizes.
Our cross-country tour kicked off in NYC's Flatiron Plaza and ended at the Ferry Building in San Francisco, stopping by Philly, Houston, and Phoenix along the way.
Anyone who spotted our massive vault on the road and scanned the QR code on the side of the truck was given a chance to win a $500 payday. We randomly selected 1,000 winners, who each received $500 — equivalent to what you can unlock ahead of payday with MyPay.
Destroying the old way to get paid
Our coast-to-coast tour was more than just a journey across the country. It was a movement to rethink the antiquated two-week wait for payday and introduce MyPay as the common-sense solution.
When we said we wanted to destroy the old system, we meant it. Kai and Fanum wrapped up our tour with a dramatic bang after the vault arrived on the West Coast – Fanum literally blew it up! We made sure Chime's mission to shatter the outdated two-week pay cycle was loud and clear: with a Hollywood-style explosion.
"Oh my god! Gimme my money!" Kai shouted as he jumped with excitement during the livestream. It's official: the old way to get paid has been obliterated. With MyPay, Chime declares the wait for payday to be over — now you can get paid when you say™!
Try MyPay to take control of your finances
Life doesn't wait for payday to arrive, and neither should you. With MyPay, you call the shots.
MyPay is a line of credit that lets you get up to $5004 of your pay before payday with no mandatory fees, no credit checks, and no interest.5 To get started, eligible members need to set up a $200+ qualifying direct deposit. Once you've enrolled, you can simply log into your Chime app, see how much is available to you each day, and choose how much you want to take an advance for. This amount can range from $20 to $500.
When you take an advance, MyPay deposits the amount you choose into your Chime checking account for free within 24 hours. If you need the money sooner, you can also get it instantly for just $2 to $5 per advance.
Note that MyPay is currently only available to eligible Chime members in certain states. We are working hard to get MyPay available in more states! See Bancorp MyPay Agreement or Stride MyPay Agreement for details.
Starting a MyPay movement
With MyPay, you get to decide when you get paid and how you manage your money, making financial progress easier than ever. No more waiting around for payday: you can plan that night out with friends, cover surprise bills, grab tickets to that once-in-a-lifetime concert — all without hitting pause on life.
Inspired to join our MyPay movement and challenge the financial traditions affecting everyday Americans? Learn more about MyPay, a no-brainer alternative to the traditional two-week wait for payday.