You're Giving Your Boss A Loan

By some estimates, Americans paid $34 billion in overdraft fees in 2017 — fees incurred by people with $0 in their bank accounts who are often just waiting for their paychecks to come. They've earned the money already, they just have to wait for payday to get it.

To attract potential employees and improve retention, some of the biggest American companies are reinventing how we get paid. Giving workers access to their earnings whenever they want.

Today on the show: we find out how paychecks and pay periods were born in the first place.

Music: "Pay The Piper."

Find us: Twitter / Facebook / Instagram

Subscribe to our show on Apple Podcasts, Pocket Casts and NPR One.

Is Planet Money twice a week not enough for you? Do you want more? Subscribe to our weekly newsletter.