Maximize Your Paycheck: Best Banks for Early Direct Deposit
Direct deposit is a convenient way to receive your paycheck without requiring a paper check or a bank trip. Most banks offer direct deposit as a standard feature in their checking accounts. Some banks even offer early direct deposit, granting you quick access to your money when you need it.
20 Best Banks for Early Direct Deposit
Early direct deposit allows you to access your money before your actual payday. Here are the 20 top banks and credit unions offering early direct deposit.
| Bank | Direct Deposit Estimation |
|---|---|
| Ally Bank | Paycheck up to two days early |
| Axos Bank | Paycheck up to two days early |
| Capital One | Paycheck up to two days early |
| Chase | Paycheck up to two days early |
| Chime | Paycheck up to two days early1 |
| Citizens Bank | Paycheck up to two days early |
| Current | Paycheck up to two days early |
| Fifth Third Bank | Paycheck up to two days early |
| Freedom First | Paycheck up to two days early |
| Huntington Bank | Paycheck up to two days early |
| Lending Club Bank | Paycheck up to two days early |
| OneUnited Bank | Paycheck up to two days early |
| Pentagon Federal Credit Union | Paycheck up to two days early |
| Regions Bank | Paycheck up to two days early |
| SoFi | Paycheck up to two days early |
| USAA | Paycheck up to two days early |
| Varo | Paycheck up to two days early |
| VyStar Credit Union | Paycheck up to two days early |
| Wells Fargo | Paycheck up to two days early |
| Wisely | Paycheck up to two days early |
Though payment deposits vary based on your payor and bank policies, you can usually use the money on the same day the money gets deposited to your account. Direct deposit doesn’t come with monthly fees, and it is automatically put in your specified checking or savings account, so you never have to worry about lost checks.
What Is Direct Deposit?
How does direct deposit work? To put it simply, direct deposit uses the ACH Network to send paychecks or other forms of electronic payments directly to your bank account, avoiding the need for paper checks.
Can I Get My Direct Deposit Early?
In some cases, yes. Multiple banks allow customers to access their paychecks before their payday through a feature known as early direct deposit. You’ll need to check with your bank to determine whether an early direct deposit is available for your account.
What Is Early Direct Deposit?
Some banks offer early direct deposit, a perk that can be helpful to you as a customer if you need to access your money early.
Banks that provide early direct deposit allow you to receive your paycheck up to two days before your payday. Early direct deposit is beneficial for times when you need fast cash. You can use your funds to pay an important bill or buy essentials like groceries.
Some of the Benefits of Direct Deposits
Direct deposits have many benefits, which is why a number of employers offer them. Here are some of the advantages of direct deposit:
- Quicker access to funds
- Safer than printed checks
- No need to make an in-person visit to the bank
- Never misplace a check
- Split direct deposits between accounts, such as checking and savings
How To Set Up Direct Deposits
To set up direct deposit, follow these steps:
- Fill out the direct deposit form your employer or a government entity provided.
- Include your name, address, account number, bank name and the bank’s routing number.
- You may also be asked to provide a voided check or a deposit slip
How Early Does Direct Deposit Hit?
Most of the time, direct deposit means you get your money instantly. How instant that is will depend on these factors:
- Your employer’s pay schedule. Direct deposit should be expected to land in your bank account at the same time every payday.
- Your bank. Some banks can take a few hours and even up to a few days to process and for funds to appear in your account.
- Holidays or weekends. Depending on when the transaction takes place, this can potentially delay when your money lands in the account
Final Take
Early direct deposit appeals to consumers who need quick access to their paychecks. You can use the funds for anything you like, such as a credit card bill, mortgage payment or groceries. With early direct deposit, you won’t need to scramble for cash if you run short before payday. Instead, just wait for your funds to arrive up to two days early.
Caitlyn Moorhead, Melanie Grafil and Andrea Norris contributed to the reporting for this article.
Information is accurate as of Aug. 23, 2023.
*Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.1Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
1Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
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