Uber drivers in San Francisco can now opt to get paid instantly, having their earnings automatically deposited to a GoBank mobile checking account, the company said.
“We’re excited to be able to offer this unique option with GoBank, which provides the convenience of online banking and gives drivers the ability to access their earnings instantly,” said David Richter, Uber’s vice president for strategic initiatives, in a statement.
The account, called Uber Checking by GoBank, carries a monthly fee of $8.95, though that’s waived for the first six months where drivers receive deposits from Uber or in any month where they receive more than $500 in total direct deposits.
The account comes with a debit card from GoBank, a division of prepaid debit card giant Green Dot, and it’s free to withdraw cash from in-network ATMs. Drivers can also transfer funds to another bank account, though that’s limited to $1,000 per transaction or $2,500 per month. Online bill pay is capped more generously at $5,000 per day.
“The partnership marries technology, banking and payments in an innovative way to give Uber driver-partners the flexibility to receive their pay instantly, and also provides an alternative to traditional banking,” said Green Dot founder and CEO Steve Streit in a statement.
Uber archrival Lyft launched its own quick pay feature called Express Pay in December. It uses Stripe’s push-to-debit technology to let drivers transfer funds to their bank accounts for a 50 cent fee, as long as they have more than $50 in earnings due. Most banks will credit the funds instantly, though some won’t until the subsequent day, Lyft has said.SM