Getting Paid as an Uber Driver
How do Uber’s Driver-Partners receive payment?
And, how often do drivers get their paychecks from Uber?
Uber’s Weekly Payment System & New Payment Options
Previously, the only payment option for Uber Driver-Partners was direct deposit, cashed out on a weekly basis. Rides were calculated from Monday to Monday, with drivers getting paid every Wednesday. Due to processing times (and a fixed schedule), Uber’s driver-partners did not have much control over their payment schedule, and were essentially out-of-luck if they wanted to receive weekly income paid-out at a specific time (i.e., anytime other than Wednesday).
Starting in Spring 2016, however, a new pilot program known as Instant Pay rolled out in San Francisco.
Through the Instant Pay program, Uber drivers became able to request income pay-outs whenever they wanted. Uber announced that the Instant Pay system would — eventually — be rolled out to all drivers after its initial pilot stage in the Bay Area.
How does Instant Pay work?
When a driver requests payment via Instant Pay, Uber disburses funds — with no minimum cash-out or fees — to drivers, whenever they want.
What’s the catch? Are there any hidden fees or special terms?
The only catch is that Instant Pay payments will be exclusively available through an Uber Debit Card (partnered with GoBank). This essentially means that Uber drivers will be provided with a GoBank-brand business checking account, allowing for direct deposit when requested.
Why Choose to Open a GoBank Account?
As an Uber driver, as long as you initiate at least one ‘Instant Pay’ every six months, you will receive a business account with GoBank that is 100% free. Not only will drivers experience increased payment flexibility, but they’ll receive a routing and account number, as well as some additional features & rewards that come with a GoBank business account.
Applicants can view the terms and conditions here. Although a GoBank account is normally $8.95 a month, it’s free for the first six months (as long as a direct deposit is completed at least once from a driver’s Uber earnings). Monthly fees are also waived within any month that direct deposits total $500 or more. With no overdraft or NSF fees, Instant Pay is a convenient and cost-effective option for drivers.
If you want to withdraw funds, Instant Pay is FREE as long as you stay within a specific network of retail locations. With over 40,000 ATMs situated in stores like Walmart, CVS, and Walgreens, it’s easy for Driver-Partners who are using Instant Pay to access their money.
If drivers access funds from a non-participating ATM, a $2.50 fee will be charged (*plus an additional charge from an ATM’s private owner — a detail that’s important to keep in mind).
Although drivers may want to maintain their existing personal bank accounts, a GoBank account is a great option for Uber Partners who prefer to keep business expenses separate from personal banking. Moreover, having a GoBank account may also help drivers with income-tracking (and tax-payment) — making the process of personal accounting simpler, and more streamlined.
A GoBank account also allows easy fund transfers (just like a regular bank account) — if drivers wish to transfer funds from a GoBank account to a separate account, they’ll be able to move up to $2500 every thirty days (free of charge).
Opening a GoBank Account
Drivers must be 18+ in order to open an account. If an applicant is not currently an Uber driver, they will need to apply before beginning the GoBank application process. Once an applicant has become an Uber driver, they are free to open a GoBank account online at anytime.
After applying for a GoBank Debit Card, drivers will generally need to wait 8 days (or less) before receiving the card in the mail. There is no credit check required for a GoBank account — the card application process is generally quick and simple. Once drivers have earned money from Uber trips, they’ll be able to request and receive the funds whenever they like.
Instant Pay Is Not Available In My Area, What Do I Do?
Based on past programs, it’s estimated that Instant Pay will soon be available to all drivers within 3-6 months. Of course, Uber is currently testing out the market, so only time will tell. If you do not want to wait until then, there are a variety of private, fee-based ‘instant pay’ options which will allow rideshare drivers to get paid whenever they want .
Over the past several months, one of these options — Daily Pay — has offered Uber drivers daily payment options (for a fee). You can check out Daily Pay’s various options here — but please be aware that charges apply. The first two weeks will be free, but then a charge of $0.99/day will be charged for earnings up to $150; and a $1.49 charge will be applied per day for earnings greater than $150. Here is Daily Pay’s cancellation policy, for Uber drivers interested in learning more about third-party ‘instant pay’ options & the associated terms and conditions.