The Even app offers a brand new feature called Pay Protection. Pay Protection makes sure you get consistent money every payday — about what you make on average. When you make less than your average, Pay Protection automatically deposits extra money in your account to make up the difference.
Because making progress in life is really freaking hard when you can't rely on predictable money coming in. So we went back to the drawing board and invented something that turned unpredictable pay into reliable, consistent pay.
Based on the paychecks you've made in the past, Even calculates the amount you make on average. Once you turn Pay Protection on, anytime you make a paycheck lower than your average, Even automatically deposits enough money into your bank account to make up the difference.
So, for example, if your average was $500 and you got a paycheck for $450, Even would make a deposit of $50. The deposit usually arrives the next business day after your paycheck.
Yes, but only when you make a paycheck that's bigger than your average, and only from any extra you make over your average. So you always keep at least your average.
So, for example, if your average was $500, and you got a paycheck for $525, Even would automatically withdraw $25 from your account to pay back some of the $50 Even sent you. You always keep at least your average.
If you make less than your average for 3 paychecks in a row, the app will lower your average.
The same is true if you make more than your average for 3 paychecks in a row—the app will raise your average.
When you get a low check and don't have Pay Protection, you might cope with it by dipping into savings, paying bills late, overdrafting your account, charging things on credit, borrowing money, or just depriving yourself of basic comforts till your next check. All those ways of coping slow down or stop your progress.
When you get a low check and DO have Pay Protection, your progress keeps moving forward. You can pay all your bills and have enough left to live comfortably, while keeping your savings growing. If you think that's a good idea, then Pay Protection's for you.
For many people, Pay Protection is free, because their employer covers the cost. For people whose employers don't cover Pay Protection costs a small subscription fee. How much the subscription costs depends on how much money you earn, but it's usually around a cup of nice coffee.
When you connect the app to your bank, it automatically identifies your employer. If your employer is an Even partner, Pay Protection will appear in the app as free.
When you turn on Pay Protection, you authorize Even to make the deposits and withdrawals required to protect your pay. You can read more about how Even works with your bank here: How Even works with your bank
The money deposited to your account when your paycheck is low comes from money Even keeps on hand specifically for the purpose of providing Pay Protection.
No. Even never charges interest on the money it sends you, and there are no hidden fees.
First, download the Even app here. Then tap on Protection in the app, and flip the toggle on the Pay Protection page from "OFF" to "ON." That's it.
You can flip the toggle back to "OFF" at any time.
Pay Protection goes into "Settling up" mode until the money you owe is all paid back. While you're settling up, Even continues to make withdrawals when you get high checks (still only out of the amount above your average), but doesn't make deposits for low ones. It also continues to withdraw the subscription from your bank account every Friday (if your employer isn't covering the cost).
If you prefer to pay Even back manually instead, you can set that up by chatting with an Even Advisor.
If you've lost your job, just let an Even Advisor know through in-app chat and they will pause your account until you're receiving paychecks again. While your account is paused, there's no weekly fee. You can stay paused for up to 6 months while you find new work.
The Even app connects to your bank account so it can track the money going in and out of it. This information is what powers the Even app— without this information, the app is basically useless.
Even holds an A rating with the Better Business Bureau and has passed very strict security and privacy compliance audits from Wells Fargo, one of the nation’s largest and most respected banks.
No. Connecting your bank account does not authorize Even to withdraw from your account. Connecting only authorizes Even to privately and securely track money going in and out of your account.
No, Even will never sell your information or share it with any third party unless required by law.
You should connect the checking account where your paycheck gets direct deposited.
If your pay is deposited into multiple accounts, connect the account that receives the largest deposits.
Probably—it depends on a few factors. You may need help from one of the friendly Even Advisors while you're setting up your account. Just tap the in-app chat button and they'll help you out.
Despite Even's best efforts to work with all banks, some banks’ online technology just isn’t modern enough to be compatible with the app. If you can’t find your bank in Even, that’s why.
If you decide to switch banks, Even suggests Wells Fargo or Simple. They both have up-to-date technology that works great with the Even app.
Just ask an Even Advisor via in-app chat and they will delete your information.
Your connection to and from Even is secured using military-grade 256-bit end-to-end encryption. Even's systems have been audited for security and compliance by Wells Fargo, one of the nation's largest and most respected banks. Even's systems also regularly undergo security and privacy audits by some of the nation's largest employers.
No, Even will never sell your information or share it with any third party unless required to by law.
Even’s highly-trained advisors will have access to some information, like the schedule of your paycheck or any bills you've set up, but only so they can provide excellent customer support when you ask for help in the app.
Even uses your phone number to create and secure your account, just like a lot of other apps use your email address to create an account. Your phone number is harder to steal and easier to verify than an email address.
Email email@example.com with your phone number and Even will immediately disable access to your account.
When you have bill-planning turned on, Even automatically holds aside the right amount of money for each of your upcoming bills.
Even moves money held for bills out of your Spend account into your Bills account. That way, when you look at your Spend number, it only shows you how much is left over after bills. That keeps you from accidentally spending money you'll need later on.
No, the money stays inside your bank account. The Bills and Spend accounts are just virtual accounts inside the Even app.
No, you still have to pay the bills yourself for now. Even's working on a feature that will automatically pay your bills for you, if you want it to.
Instead of simply using your last paycheck to plan for bills due before your next paycheck, Even spreads your bills evenly across your paychecks, pulling just the right of money from each check for each bill. This leaves you with a more consistent amount of money left to spend after every paycheck.
For example, if most of your bills are due in the second half of the month, Even will hold aside enough money from your first paycheck of the month so you don't have to use your whole second paycheck for bills.
Add any bills you pay out of your Even-connected bank accounts. The more bills you add, the more accurate your Spend account number will be.
For bills you don't pay out of your Even-connected accounts—such as a bill you pay in cash with money you earn in cash—you're probably better off not adding them, since Even won't be able to see those transactions.
You can stop bill-planning anytime by turning the Bills account toggle to "OFF" in Settings.
It depends on how you're using your credit card. If you're working on paying off the balance, then each month the Bills account will plan for you to pay as much as possible while keeping the rest of your bills, savings, and spending on track.
If you pay your balance in full every month, then each month the Bills account will plan for you to pay your full credit card bill amount.
Each time you get paid, Even automatically calculates how much you can afford to save and moves that amount out of your Spend account into your Cushion—a virtual savings account inside Even. That way, when you look at your Spend number, it doesn't include the money you have saved, and you avoid spending it.
The app will save exactly what you can afford—and not a penny more. In other words, the app figures out how much you should save, so you don't have to think about it. Of course, you can also manually decide how much to save.
You can transfer money from your cushion account to your spend account anytime.
It doesn't earn any interest from Even, since the money stays inside your own bank account.
You can stop saving anytime by turning the cushion account toggle to "OFF" in Settings.
Your spend account balance is your bank balance minus any money Even is holding aside from spending.
By default, none of your bank balance is held aside. But by turning on the Cushion or Bills accounts, you can start automatically holding aside money for savings or upcoming bills.
Once money is held aside, Even subtracts it from your bank balance to come up with your Spend account balance. If you keep an eye on that balance, you'll avoid spending money you'll need later for bills or want to keep saved.
Even was founded in fall 2014 and started serving the first Even members in spring 2015.
Even has 11 full-time employees.
Even's main office is in sunny Oakland, California. It also has an office in New York City.
The subscription for Pay Protection is the only way Even makes money. For Even members whose employers cover Pay Protection, that fee is paid directly by the employer to Even. You can read more about how Even makes money here