DailyPay Creates Overdraft Fund for MyPayrollHR Victims
This information was compiled from a press advisory released by DailyPay.
Earlier this week Clifton Park, New York-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.
DailyPay, a NYC-based financial technology company that enables employers to provide compliant, on-demand access to employee wages, is committing $25,000 to pay for overdraft and/or late fees for those affected employees. Any employee that 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.
“For employees and even for employers, payroll can seem to be a straight-forward process, but it's a multi-layered process with room for error and even fraud,” said Melanie O'Malley, Proprietor of O’Malleys Oven in Albany and former MyPayrollHR client. “We are extremely grateful for DailyPay and their eagerness to help. Businesses like this, and the employers who stretched themselves thin to make employees whole, remind us that integrity is still a virtue.”
DailyPay enables employers to provide on-demand access to employee wages. We do this through a compliant business model and proprietary financial process that provides a secure experience for employers and employees. DailyPay is based in New York City’s Financial District.