For many of us, payday is one of the best days of the week, regardless of how often you get paid– weekly, bi-weekly, or twice a month.
What if the best day of the week came two days early? With Early Paycheck, that option is available to you!
How does Early Paycheck work?
Direct deposit payments have an official payment date, which is the date employers intend the payment to be made.
With Early Paycheck, your check is deposited into your account earlier than your scheduled payday. In some cases, you can receive it as early as two days before payday.
Most businesses use a system called automated clearing house (ACH), which processes electronic payments. When employees are signed up for direct deposit, businesses use the ACH system to process the check payments.
If your paycheck is deposited before payday, your financial institution is advancing the funds to you, knowing that they will receive the money when the funds become available.
Get Your Paycheck Early
First, check to see if your financial institution offers early paycheck.
With Triangle Credit Union’s Basic Checking and Better Checking Accounts, Early Paycheck is just one of the benefits we offer.
In order to receive this benefit, however, you must be enrolled. To enroll, complete and give the direct deposit form to your company’s HR/Payroll Department and then you’re all set! It’s that easy! Please allow up to two weeks for Early Paycheck to take effect.
Early Paycheck also works for US government ACH payments like social security, so if you’re still waiting until Friday for a check but need it sooner for bills or other expenses, set up direct deposit and you’ll likely gain access to that money sooner.
Direct deposit gives you more benefits than a physical paper check.
For starters, you get paid on time (or early); with a physical paper check you would have to either pick it up in the office or have it mailed to you.
Second, with Early Paycheck, you can eliminate the added step of depositing a check (with either remote deposit using your mobile device or computer or physically going into your financial institute).
If you are not already enrolled in direct deposit with your Triangle Credit Union checking account, fill out the form and return it to your local TCU branch.
