Paychex Pay

Paychex Pay℠ is an online account and mobile app that allows you to easily manage your finances. It is not a bank, but rather a service provided by Central Bank of Kansas City, a member of the FDIC. This means that your funds are insured and protected by the FDIC, giving you peace of mind when it comes to your money.

One of the main benefits of using Paychex Pay is the ability to get paid up to 2 days earlier with direct deposit. This means that you can access your funds sooner, making it easier to stay on top of your bills and expenses. However, it's important to note that this is dependent on your payroll or benefits payment provider submitting the deposit early, so it may not happen every payment period.

The app also allows you to easily move money between accounts or send money to friends. This can be done within the app, making it a convenient and efficient way to handle your finances. You can also use your Paychex Pay Debit Mastercard to pay at retailers with contactless payment or mobile wallets, making checkout fast and easy.

Adding money to your Paychex Pay account is also quick and simple. You can do so through direct deposit, cash deposits at Mastercard rePower locations, or mobile check deposit. However, there may be fees and limitations associated with these methods, so it's important to consult the Deposit Account Agreement and Fee Schedule for complete details.

In addition to managing your day-to-day finances, Paychex Pay also offers the option to open a savings account with no minimum balance required. This allows you to save for your future and potentially earn interest on your savings.

Another perk of using Paychex Pay is the opportunity to earn cash back rewards for purchases made at various retailers. You can opt-in to this program and earn cash back by using your Paychex Pay Card for qualifying purchases. Additionally, the app offers Mastercard ID Theft Protection™, which can alert you to possible identity theft and provide resolution services if needed.

Overall, Paychex Pay is a convenient and secure way to manage your finances. With features like early direct deposit, easy money transfers, and cash back rewards, it offers a range of benefits for users. However, it's important to be aware of any fees and limitations associated with the service, and to consult the Deposit Account Agreement and Fee Schedule for complete details.