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Early Direct Deposit: Get Your Money Faster

If you use direct deposit for your paycheck, government benefits, or pension, you know how convenient it can be. Direct deposit gets money into your bank account quickly and securely, without the hassle and risks of paper checks.

What Is Early Direct Deposit?

Early direct deposit is a feature that allows you to access your paycheck up to two days earlier than usual. This can also apply to pensions, unemployment benefits, disability payments, Social Security, veterans’ benefits, and federal tax refunds. For example, Go2Bank allows you to get your government benefits up to four days early, while Chime offers access to your federal tax refund up to six days early.

How Does Early Direct Deposit Work?

Direct deposit uses the Automated Clearing House (ACH) to transfer funds from your employer or other sources into your bank account. This method is faster than depositing a paper check, which can take two to seven business days to clear. Early direct deposit releases the funds to your account as soon as your employer notifies your bank of the upcoming transaction.

How to Get Early Direct Deposit

Setting up direct deposit for a qualifying bank account usually enrolls you in early direct deposit automatically. Check with your bank to confirm. If your current account doesn’t offer this feature, you may need to switch to a different type of account or bank.

To set up direct deposit, you’ll typically need to provide your employer with the following information:

• Your name
• The name and address of your bank
• Your account type (checking or savings)
• Your account number
• Your bank’s routing number
• The amount you want to deposit

Some banks may have additional criteria for early direct deposit. For example, Ally requires two qualifying direct deposits within six months, while One Bank requires monthly direct deposits of $500 or more.

Banks That Offer Early Direct Deposit

Not all banks offer early direct deposit, but it is becoming more common. Some major banks and credit unions that offer this feature include:

• Ally
• Axos
• Capital One
• Chase
• Chime
• Citizens Bank
• Current Bank
• Fifth Third Bank
• Freedom First
• Go2Bank
• Green Dot
• Huntington Bank
• KeyBank
• Lending Club Bank
• Navy Federal Credit Union
• One
• One United Bank
• PenFed Credit Union
• Regions Bank
• Revolut
• SchoolsFirst Credit Union
• SoFi
• State Employees’ Credit Union
• USAA
• Varo
• Wealthfront
• Wells Fargo

If your bank isn’t listed, check with them to see if they offer early direct deposit or plan to do so.

Why Didn’t I Receive My Direct Deposit Early?

Several factors can affect the timing of your early direct deposit:

• Your employer’s submission timing
• Holidays, weekends, or bank cutoff times
• Recent setup of direct deposit
• Deposit type not eligible for early direct deposit
• Bank’s monthly transaction or dollar limits
• Employer payroll system issues

To avoid issues, set up account alerts through your banking app or website to get notified when your early direct deposit hits your account.

The Bottom Line

Early direct deposit can provide faster access to your money, reducing stress and streamlining your financial life. If you’re looking for a checking account that offers early direct deposit, consider O1ne Mortgage. Call us at 213-732-3074 for any mortgage service needs. We’re here to help you manage your finances more effectively.

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