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Hi,

I wanted to get a list of credit unions and banks that post direct deposit paychecks a day early. That is, if you get paid on the 15th and 30th of the month, you have access to the funds on the 14th and 29th of the month. (Assuming your employer processes the payroll early and codes the funds to be released on so and so date, some banks will release the funds early, and some will wait until so and so date).

Most banks don't do this, so I wanted to get a gander at the ones that do.

I listed the (two) that I know of below

Edit:
Just to clarify...I do not live paycheck to paycheck. My CCs are PIF, and I have no debts (other than a student loan which I am trying to pay off as slowly as possibly, since it's only 2% APR, and I can earn more than 2x that in interest easily, tax free too)

As for why I want quicker access to cash...
There are lots of reasons -- it's called the time value of money.
Being able to jump in on a dip in the stock market
Earlier accrual of interest
Getting bills paid off earlier (for people carrying a balance, the compounding factor of paying balance even a day early can add up to serious cash and quicker debt freedom)
Earlier happy factor from seeing your bank balance go up (yes, some people do feel this way).

There are more reasons to wanting access to your cash early than poor money management.

Don't you just love the flamers?

P.S. barbcole (poster below) explains the early posting perfectly. That is what I meant when I asked about posting paychecks early. Thanks barbcole!

Member Summary
Most Recent Posts
I guess I'm the lucky one. BofA always made my DD paychecks available a day early.

ThursdaysChild (Jan. 08, 2010 @ 11:50a) |

Lol. If you are so addicted to hot deals that you can't pay for the deals on credit and PIF each credit card bill, you e... (more)

theman2 (Jan. 08, 2010 @ 1:25p) |

Just to clarify...I do not live paycheck to paycheck. I have savings and investments in the 6 figures, most of my free c... (more)

slc39 (Jan. 09, 2010 @ 8:02a) |

Lockheed Federal Credit Union
Digital Federal Credit Union - Loyalty Checking (up to 2 days early)
First New England Federal Credit Union
Kitsap Federal Credit Union
Fidelity SmartCash
USAA
SRI Federal Credit Union
Schwab
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What is the purpose of this? (Aside from having access to the funds a day early...)

Edit: I believe Schwab does near the end of the day, one day prior.

E*Trade (at least on the brokerage side), DCU

Are you referring to paychecks that are direct deposit, or paychecks that you personally deposit?

In order to ensure funds are available on the scheduled pay date, I think most banks/CUs post direct deposits by late afternoon or earlier on the prior day. Of course, if the pay date is a Monday, weekend, holiday, or day after a holiday, direct deposits may be available 2-3 days "early" ...

Usaa

Fidelity MySmart cash account. 8am-10am the day before. Paycheck is Direct Deposit

Remember that this is YMMV as it really depends on when/how your employer initiates the DD.

If you are with a big employer, it would be helpful to also list your payroll provider (paychex, adp, etc) as they my do the direct deposit differently.

*

theman2 said: Remember that this is YMMV as it really depends on when/how your employer initiates the DD.Right. It has everything to do with when the employer/payroll company sends the payment. The bank will just post it whenever its received.

United Bank of Not living Paycheck to Paycheck. I heard they let you keep a "savings" so that you don't care what day of the week your paycheck comes in.

Glitch99 said: The bank will just post it whenever its received.

You're missing the entire point of the thread. Many banks do not do that with payroll deposits that are often processed several days early but are coded with an intended processing date. That's what the OP wants to know.

I have a direct deposit that is split between two bank accounts -- E*Trade and Bank of America. The employer runs their direct deposit stuff early in the week, but specifies Friday as the intended processing day.

Same deposit, sent at the same time..

E*Trade increases my margin ability 8PM Wednesday, but it's not available for anything but stock purchases until Thursday morning around 7AM when it's fully available.

Bank of America doesn't make the funds available in any form until about 6-7AM on Friday morning.

When I previously had it sent to DCU, I could withdraw it on Wednesday around 6:30-7PM.

Considering how retarded some of the posters on here are about "lost interest", aren't you rushing to judgment suggesting the OP is drawing down to the last of his funds? Perhaps he just wants a bank that posts the deposit ASAP so he can start earning interest immediately.

Fidelity posts direct deposit a day early... BofA posts it a day late... although they deny it.

The purpose is to make it rain at the strip club a day early.

ebayuser98 said: Usaa

This is at least true for Military pay....is it true for others as well?

lilslyk said: ebayuser98 said: Usaa

This is at least true for Military pay....is it true for others as well?

I always got my DD a day early into USAA checking. Private corporation.

okwiater said: lilslyk said: ebayuser98 said: Usaa

This is at least true for Military pay....is it true for others as well?

I always got my DD a day early into USAA checking. Private corporation.


Cool. The bank never ceases to amaze me.

SRI Federal Credit Union, it's an employer CU (SRI), not open to the public.

okwiater said: lilslyk said: ebayuser98 said: Usaa

This is at least true for Military pay....is it true for others as well?

I always got my DD a day early into USAA checking. Private corporation.


I concur. Have been using USAA for years and my direct deposit always shows up 1 day before. It still show as "pending" deposit, but the amount is included in the "available balance" so you can use the money right away.

My common sense/intuition tells me that this must be a function of the employer and not of the bank. If the employer says release the funds the day before, that is what the bank should/would do.

But often common sense does not rule.

So you live paycheck to paycheck and you think one more day (or a few hours) will change your situation, after a few months now you're needing another raise so you explain your problems to your boss or just get into more debt. When will you just fix your problem?

brettdoyle said: United Bank of Not living Paycheck to Paycheck. I heard they let you keep a "savings" so that you don't care what day of the week your paycheck comes in.
Come on now. Thats not feasible. Have you been to the "Hot Deals" forum here at fatwallet? We can't wait for our paychecks! The deals don't wait for our paychecks! How are we supposed to buy crap we don't need to keep up with the neighbors if we don't spend our money before we have it? Be realistic here.

I think it is more a function of the employer as well. I've been with the same employer for years but had paychecks going in to several different banks and credit unions over time. My paycheck is usually posted three days before the official pay date.

katx said: My common sense/intuition tells me that this must be a function of the employer and not of the bank. If the employer says release the funds the day before, that is what the bank should/would do.

But often common sense does not rule.


My check usually posts the afternoon before at my out of town credit union vs my co workers at the local bank & company sponsored credit union. Theirs posts a day later then mine. Useful if you play check poker

My Coworker has a direct deposit to Golden One Credit Union and his paychecks are always posted a day before anyone else.

I guess I'm the lucky one. BofA always made my DD paychecks available a day early.

Incarnate said: brettdoyle said: United Bank of Not living Paycheck to Paycheck. I heard they let you keep a "savings" so that you don't care what day of the week your paycheck comes in.
Come on now. Thats not feasible. Have you been to the "Hot Deals" forum here at fatwallet? We can't wait for our paychecks! The deals don't wait for our paychecks! How are we supposed to buy crap we don't need to keep up with the neighbors if we don't spend our money before we have it? Be realistic here.
Lol. If you are so addicted to hot deals that you can't pay for the deals on credit and PIF each credit card bill, you either have a serious impulse control problem or need to spend more time on FWF learning how to increase your credit lines.

Just to clarify...I do not live paycheck to paycheck. I have savings and investments in the 6 figures, most of my free cash is tied up in online banks.

As for why I want quicker access to cash...
There are lots of reasons -- it's called the time value of money.
Being able to jump in on a dip in the stock market
Earlier accrual of interest
Getting bills paid off earlier (for people carrying a balance)
Happy factor from seeing your bank balance go up (yes, some people do feel this way).

Don't you just love the flamers?



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