Uber is launching a pilot program intended to help the ride-hailing service’s drivers draw their pay faster, an effort that may also fend off emerging payday lenders who are targeting the service’s drivers.
Uber will allow drivers to deposit their earnings from each ride into an account with GoBank, a subsidiary of the pre-paid debit card company Green Dot. Uber won’t charge any fees for the service, and GoBank will not charge a monthly fee so long as drivers access their accounts at least once every six months. Should it go untouched for longer, drivers would face a monthly fee of $8.95.
Uber pays its drivers once a week, sometimes leading to financial stress for some members of its largely low-to-middle income workforce.