INSTANT CASH WHEN YOU DRIVE FOR UBER OR LYFT

September 29, 2017

Have you ever looked at your bank account online only to realize that your cash balance was so low that you would go into the red by the end of the day? At that point you’ve got this rock in the bottom of your stomach and you’re wondering what the heck you can do to shore up your bank account. If however, you drive for Uber or Lyft, one of the easy solutions is to get paid instantly. This service is called ExpressPay at Lyft or InstantPay at Uber.  So you don’t have to wait until the middle or latter part of the following week to draw on the funds you’ve earned after the usual auto deposit date.

In general, the way it works is that any accumulated funds you earn starting with your fare earnings on Monday, can be transferred to your account immediately. Ultimately this can help you with your cash flow situation. Normally both Uber and Lyft put the funds from the previous week into your bank account by Wednesday, but if you can’t wait ExpressPay and InstantPay are the way to go.

I ask you, what other type of work can you do where you can request to get paid immediately?  That is why this is a great feature and benefit of being an Uber or Lyft driver.

Uber InstantPay

As a driver for Uber you need to make sure that you have a debit card setup in the instant pay system under settings. They will accept Visa, Mastercard and Discover debit cards. You can actually cash out up to 5 times per day but be aware that each cash out comes with a 50 cent service charge on each transaction. Minimum earnings required is $1.00.

You can also register with GoBank and open an account through Uber in which case there is no service charge to transfer the money into GoBank on your behalf.  GoBank provides you with a debit card so that you can pay for purchases using their card.

For most major Banks the instant pay feature will transfer the funds into your bank the same day. We’re talking about Bank of America, Chase, Wells Fargo, Citi, and other well known major institutions.

The transfer may take up to 3 days if you’re using a smaller bank like a community bank or Credit Union for the transfer. This is because the small Banks actually use the large banks to do the money transfer on their behalf and this adds extra time to the process.

The amount you can cash out immediately on InstantPay is not the amount you’ve earned in most cases, it is somewhat less. That is because the cash out payments do not include boost, quest, and other driver incentives. These are items that are calculated at the end of the statement period for each driver and paid on the schedule deposit date.  Also be aware that the last few fares may not be calculated in the amount that you can withdraw with Express pay due to the fact that the fares might still be under review or they may not have actually being paid yet.

Lyft ExpressPay

Lyft’s Express Pay works very similar to Uber system.  You can register pretty much any debit card whether it’s MasterCard, Visa or Discover.

With Lyft, you can cash out as many times as you like as long as you have a minimum of $5.50 available for Express Pay.

The amount you can cash out immediately with ExpressPay is not the amount you’ve earned in most cases, it is less. That is because Express pay does not include power driver bonus or hourly guarantees. These are items that are calculated at the end of the statement period for each driver. Also be aware that the last few fares may not be calculated in the amount that you can withdraw with ExpressPay due to the fact that the fares might still be under review or they may not have actually being paid by the passenger yet.

For most major Banks the cash out feature will transfer the funds into your bank the same day. We’re talking about Bank of America, Chase, Wells Fargo, Citi, and other well known major institutions.

The transfer may take up to 3 days if you’re using a smaller Bank like a community bank or Credit Union for the transfer. This is because the small Banks actually use the large Banks to do the money transfer on their behalf and this adds extra time to the process.

Summary

Being able to take cash out of your Uber or Lyft earnings instantly, anytime you like and have them deposited to your bank account is a very compelling reason to drive either company.  There are very few jobs in the world where you can get paid on demand with the money you have earned so far.  This feature solves many people’s cash flow problems.  Imagine owing rent in a few days but under normal circumstances you would not get paid until a week after it was due.  Now that you can cash out your earning anytime you want, you can make sure the funds are in your bank account to cover your rent or any of your upcoming bills without having to worry about them.