I know getting paid up to two days early from your employer may sound too good to be true, but this is possible for many people!
Most companies send payroll information up to two days before funds arrive. If your credit union offers Early Paycheck (or a similar product/service), the credit union can release your paycheck into your account early.
To take advantage of this, there are three requirements that must be available to you:
- Your employer must offer direct deposit for your paychecks, and you must enroll in direct deposit with your credit union.
If you’re not sure your employer offers direct deposit, ask your HR department or manager if this is available to you.
If Direct Deposit is available, sign up as soon as possible. There are many benefits of Direct Deposit and Early Paycheck is at the top of the list.
Setting up Direct Deposit is simple. Fill out a Direct Deposit form, which you can get either from your credit union or employer–all forms pretty much have the same information but look a little different. You will need your routing number of your financial institution (this can be found on their website), the account number where you want your paycheck deposited (this is usually a savings or checking account), and a voided check.
- Your credit union or financial institution must participate in the early payment or paycheck option to have funds available for you.
Availability of your payroll funds is based on the release of payment information. Sometimes there are issues with the electronic transfers, so keep in mind that you may run into delays on occasion. If these issues are ongoing, you should contact your HR/Payroll Department or the credit union for additional information.
- Your company’s payroll must be on board with transferring the payroll files electronically.
Your company’s payroll must be on board with transferring the payroll files electronically. Many companies have third-party services that process payroll for their employees. Payroll companies, like ADP, are consistent about processing and sending files in a timely manner.
Now that you know how it works, let’s go over some benefits of Direct Deposit.
Early Paycheck is a huge benefit of direct deposit! The sooner you have access to your paycheck, the better—whether that means you use it to pay bills or paying your best friend back for picking up the dinner tab last night!
Better cash flow usually makes it easier to manage your money because you know when funds are available to you; this is tremendously valuable when you are on a budget.
Plus, electronic fund transfers are safe and secure. You don’t have to think about where your paycheck is or fear losing it! You also have access to your funds faster (even without early paycheck). When the electronic transfer is received and applied, your payroll funds hit your account without any hold restrictions, which means you can use your money as soon as it is deposited.
If your employer offers Direct Deposit, take advantage of this huge time saver!
For those who may not have Direct Deposit available, we recommend Remote Deposit Capture (RDC). Most institutions require registration for this service, but once RDC is turned on, you can use your mobile banking app to deposit checks from anywhere.
RDC is simple and convenient! Just endorse your check (be sure to read the endorsement instructions within your app) and follow the photo prompts on your phone. The prompts will ask you to take a picture of the front and back sides of your check. Hit submit, and you’ll get confirmation that your check has been submitted to your institution.
For more information about Direct Deposit, Early Paycheck, or RDC, contact your credit union.
