Palo Alto, California – November 19, 2024 – Reset and MSUFCU, a credit union leader serving over 360K members nationwide, have strategically partnered to drive deposit growth and innovation. This collaboration will introduce Reset's cutting-edge Earned Wage Access (EWA) platform to MSUFCU members, employees, and commercial clients, by providing free, ongoing access to income coupled with automated cash flow budgeting.
With a shared mission to improve financial health, this partnership aims to give MSUFCU members and employees more control over their cash flow and increased financial stability. To meet the increasing U.S. consumer demand for on-demand pay, MSUFCU members can now have fee-free early access to their income via a unique EWA card. The service is designed to be easy-to-use and supports hourly, salary, and gig workers, U.S. military members, and government benefit recipients (e.g., social security).
“Neobanks have popularized the idea of getting access to your paycheck two days early, and the rise of gig economy work has introduced many to the concept of Earned Wage Access (EWA). Many current solutions for EWA come with high fees and no help to build a safety net leading to a more secure financial future,” said Ben Maxim, Chief Innovation Officer at MSUFCU. “By piloting Reset’s no-fee, income-linked smart card with a select group of members, we believe we can empower them to access their wages as they earn them and give them greater control over their finances.”
Reset's platform integrates seamlessly with MSUFCU's existing digital banking services, allowing members to quickly onboard and access their earnings when needed without waiting for payday. Simultaneously, Reset’s automated cashflow budgeting helps them build savings from each paycheck.
“The battle for deposits is as competitive as ever. We are excited to work with MSUFCU to bring this deposit-linked solution to their members,” said Matt Dicou, co-founder and CEO of Reset. “Our flexible Earned Wage Access platform provides incentives for members to move their full deposit to MSUFCU. By offering immediate, responsible liquidity, Reset drives business outcomes and makes managing money simple, intuitive, and engaging for members–a true win-win.”
This partnership reflects a growing trend among credit unions of leveraging fintech solutions that enhance member experiences while promoting financial wellness. By offering Reset’s unique EWA solution purpose-built for financial institutions, MSUFCU continues to stand out as a leader in financial services innovation, dedicated to supporting its members’ evolving needs.
About Reset
Reset is a public benefit corporation on a mission to help consumers optimize their spending, overcome financial challenges, build savings, and enhance their financial health. Reset enables financial institutions to rapidly launch a next-gen card that embeds daily income access with automated cash flow budgeting. Consumers can access Reset directly or through financial institution partners. In partnership with Reset, credit unions and banks can drive deposit and customer growth while creating a healthier financial future for everyone. For more information, visit www.getreset.co.
About MSUFCU
Founded in 1937, MSUFCU has a national reputation for excellence and has received several top industry and workplace awards, including being named a Best Credit Union to Work For® by American Banker for the sixth year, a Top Workplace by the Detroit Free Press for 13 consecutive years, and a National Best and Brightest Companies to Work For® winner for seven consecutive years. MSUFCU has also been certified as a Great Place to Work® for 10 consecutive years and has been recognized by the Credit Union National Association, earning first place for the people-helping-people philosophy Louise Herring Award. The Credit Union operates an award-winning, wholly owned credit union service organization, Reseda Group; along with digital financial platforms AlumniFi and Collegiate; trade name Oakland University Credit Union; and its foundation, the MSUFCU Desk Drawer Foundation. MSUFCU is headquartered in East Lansing, Michigan; and has 31 branches; over 360,000 members; $8 billion in assets; and more than 1,200 employees. For more information, visit msufcu.org.