About lender
The Spentra Solution, which includes the Spentra Mastercard® Payroll Card, is the payroll card that represents the next generation of technology. It is a comprehensive solution for gaining access to one's income that was developed to satisfy the requirements posed by both the employer and the employee. This solution is more than simply a payroll card; it is a straightforward, comprehensive pay access method that does not charge employers any fees. It is provided to customers as part of Money Earned®, a benefit that they have patented. And it enables employees to access up to fifty percent of their net wages at the time of request at no additional expense to their employers. You may find the corporate offices of Spentra at 1330 Regal Row, Dallas, Texas, 75247, in the United States of America. Spentra has appointed Purnendu Mishra to the Chief Financial Officer and Manager position.
You may take advantage of the positive aspects of same-day pay without dealing with any harmful elements thanks to the Money Earned function of Spentra. You can avoid late fees and pay off unexpected bills with Spentra, but because you are only accessing half of your earned money, you will still have some accessible when your next paycheck arrives. It enables you to make more accurate projections regarding your financial plan and adjust to spending money appropriately.
Pros and cons
Pros
Because Patriot Bank is a member of the FDIC, the Federal Deposit Insurance Corporation (FDIC) will protect your deposits there up to a maximum of $250,000.
Whenever you use your Spentra Card, you will receive instant alerts about your transactions. You can sign up for text alerts and receive message notifications on transactions such as balances, withdrawals, and paycheck deposits if you feel the need to be reminded about certain items. You also have easy control over notifications.
Your sensitive personal information is protected by Spentra's security, comparable to that of a bank, and you can examine the recent activities on your card. Use the activity function of the Spentra app to learn where you spent it and how much you spent. It enables you to view the whole transaction history of your account, including deposits made with Money Earned as well as purchases made at Kroger, Target, Taco Bell, and other stores that you frequent.
Their proprietary benefit, known as Money Earned®, allows workers to receive up to fifty percent of their net pay whenever they request it. Imagine you had access to your paycheck a few days before it was due. This is the idea that underpins Money Earned®, a unique feature developed by Spentra that gives workers the ability to obtain up to half of their net income at the moment of request straight through the Spentra app.
There are no recurring charges for maintenance every month. The Spentra app has a function called ATM Finder that allows users to search for Money Pass® ATMs in their area that will allow them to withdraw cash. The most exciting part? There is no additional cost for them.
Cons
If you quit your work, you won't be able to access the Money Earned feature because it requires you to be currently employed to use it.
The Spentra app requires regular updates and support for mobile devices.
It is not possible for anyone who lives in the state of New York to receive a Spentra Card.
Terms and conditions
The Money Earned benefit, available on the Spentra Card, enables employees to receive up to fifty percent of their net salary at the time that the help is requested, before the next payroll day. You can push the Money Earned® funds currently available at the time of the request to the card through the free Spentra mobile app. Your Spentra Card deposits are FDIC-insured and protected against loss or theft by Patriot Bank N.A., up to a limit of $250,000. At any given time, the maximum amount of money you can load onto an account associated with a Spentra Card is $25,000.
The user is not charged any fees for any of the various transactions that can be completed using their Spentra Card. There is no cost associated with the card for either the companies or the employees. A total of over 55,000 Allpoint ATMs do not charge a fee for withdrawals. There are no minimum balance fees or requirements for maintaining a minimum amount each month, nor are there any monthly maintenance fees. There are no ACH deposit fees or transactions using PINs at POS terminals. No expenses related to transactions requiring a signature at the point of sale. Spentra assists employees in better managing the funds they are aware they have available so that they may pay their obligations on time, avoid incurring late penalties, and experience less financial stress. Spentra is the entity that makes the funds available, and reconciliation takes place on the day that the paycheck is sent. Their system is interfaced with both the time and attendance system you use and the payroll card system, which allows the entire process to be computerized and automated.
Funding a loan
You can withdraw money from an ATM if you choose. Log in to the Spentra mobile banking app and pick ATM Finder from the home screen to see a list of surcharge-free ATMs in your area. Alternatively, you can input a zip code to see a list of locations in that region. Sign in to the Spentra app and pick the Manage Your Card option to receive a government rebate or ACH payment from a bank account. You'll find your account number and routing number in that section. You acknowledge and accept that the Spentra Card will only be loaded with monies from direct deposits made in your name or the name of someone else for whom you have the legal authority to accept funds. There is a possibility that any other direct deposits made in the name of another person will be denied and returned.
Employees of any company participating in the Spentra Card program and issuing their employees a Spentra Card are eligible to use that card. Spentra Cards are not available for purchase to anyone who lives in the state of New York. Either the direct deposit form that they included with your Spentra Card or the paper that was provided to you by your employer should be filled out and submitted for direct deposit. Sign in to the Spentra app, go to the Manage Your Card menu, and then select the Direct Deposit option. It will bring up your account and routing information. When you make the request, they will put a Money Earned® transaction onto your Spentra Card, and you will be able to use the cash immediately.
