Which banks make your direct deposit paycheck available a day early?

[foeplay]

I currently have checking accounts with BOA (since 2001), USAA (couple months), NFCU (new). I'm joing Alliant next month as well but not sure whether or not I will open a checking account as well. Anyway, I've read here people saying that their bank makes their paychecks available in their accounts a day before payday and I was under the impression that NFCU was one of them.

 

I changed my DD this week to deposit $100 to NFCU just to test the waters before I make a full transition and noticed that it showed up on my NFCU online account on Tuesday as "pending", buy not available until the Wednesday which makes it the same as my payday and my BOA account. So with time will it eventually be available on Tuesday or will it always be this way with NFCU? Will Alliant make it available on Tuesday? Others? Thoughts?

 

Thanks

[Lynn37]

My child support checks are dd in NFCU. CSE post the money to my account on the 11, but will not post to NFCU till the 13.

 

 

PS still love NAVY

Edited August 12, 2010 by Lynn37

[brainchasm]

USAA has been pretty consistent about giving it to me on Thursdays, but we just switched payroll processing companies, so who knows now.

 

I may be migrating all my direct deposits and such to NFCU soon though, since USAA refuses to work with Mint.com.

[Guest rumaki]

Navy will always show that pending deposit and it will always be unavailable until the next business day. DCU does the early deposit thing though.

[foeplay]

Yea, USAA is awesome even with ACH they make it available to me instantly even though it hasn't been withdrawn yet. I only want to use them as an ach hub and for rent checks though because I can't be a full member with them.

 

I'd love to hear about Alliant since I am joining them soon and this will make my decision easy on whether or not to open checking with them as well as a savings.

 

I plan to join DCU as well but not for a while.

Edited August 12, 2010 by foeplay

[BobWang]

USAA refuses to work with Mint.com.

I only have Savings and Checking with USAA, but they both update fine with Mint.

I think USAA is very picky about the order in which the security questions appear.

[BobWang]

[foeplay]

Is mint better than quicken Bob?

[Mortons]

USAA was the best for me. My checks would always DD the day before I was actually scheduled to get paid

[BobWang]

Is mint better than quicken Bob?

Not for my purposes.

Mint is simple, but VERY primitive compared to Quicken.

[coopertwist]

No Alliant cu does not advance the paydate.

 

It really depends on how your company does the payroll...

 

We had ADP and Paychex...what happens is their is a cut off time when the payroll needs to be processed. example employee get paid every other Friday the cut off would be tues at 12noon....once its processed and it is not over the company threshold it gets sent to the bank wed morning. The bank keeps it in a sub account of your account to release on the effective date. If the company has problem and needs wed or thru to finish the payroll the bank would not get it so it would be there on wed...and pushing Thursday some smaller credit unions that ride on other banks aba # could not even get there on credited on Friday.

 

The other thing is if the company has t threshold of 5 mill every pay period and does a payroll this week with bonus to be DD and it 10million they will call the payroll person or CFO to let them know the need to do a reverse wire to fund this payroll...that can delay the money getting there early.

 

But most large companies have payroll 3 days early...most banks just error on the safe side because if the employer does not had the funds to cover the 5 million payroll adp will just reverse all the pay and let the employees deal with the employer.

 

https://www.freedomfirstcu.com/personal/directdeposit.html

 

http://www.dominioncu.org/?page=products_c...nce_autodeposit

 

http://www.dcu.org/prodserv/convserv/direct.html

 

http://www.servicecu.org/civilian/content/...sp?lg=&lgp=

 

https://www.home-savings.com/page/personal/checking/Early/

 

https://www.safecu.org/online_services/direct_deposit.aspx

 

https://www.dcuanswers.org/km/ExternalQuestion.spr?id=132

Edited August 12, 2010 by coopertwist

[wow]

Dang....I came in here ready to answer with Woodforest, but I guess that's not one of the banks you were talking about

[foeplay]

Yea, my company submits payroll on Mondays and checks get handed out on Wednesdays. Still would love to know if Alliant works like DCU does or if its more like my NFCU and BOA account.

[higher180]

I've heard that DCU will give you your DD up to 2 days early

[tivaclare]

I will throw in my vote for USAA. We are "full members" with multiple products with them and are very satisified.

 

We've had their checkign/savings for 5 years now and always get our DD early. This was true with DHs military pay and for every job I've had in that time frame. I always get paid at least a day early. There have been a handful of times where it seemed sooner than that, but I think that was due to holidays, etc. My rule of thumb is a day early.

[Sonoma]

I'll throw in a reply that it seems to depend on the employer. With my previous employer, I could view my checks after around 10 PM the night before the direct deposit was scheduled. With my current employer, but still the same bank, it doesn't appear until payday morning. Hated that employer, the 'early' paychecks were the one good thing about them.

[centex]

It all depends on when the sending bank transferred funds and when the receiving bank reconciled for the day's business...

 

greater latitude probably exists with a small bank on the receiving end of the equation...

[TexasLady?]

NFCU always shows direct deposit the day before it posts (i.e., payday Friday, the dd will show up as "pending" Wednesday afternoon with the funds available after midnight Thursday) for me.

[Revike]

An "early" direct deposit is not a "perk" of the banks/CUs, it's just the result of the procedures needed to meet the paydate deadline. It depends on the company and/or the payroll service. Companies generally have a responsibility to make the paycheck/DD available to employees by a set date and time deadline (such as every Friday by 4:00 PM, the 10th of each month, etc.), so they are supposed to transfer funds to direct deposit accounts in time for the bank/CU to make those funds available to the employee by the deadline.

 

For example, if the paydate is a Friday, it's quite common for the funds to be deposited to the employee account by the close of business the night before (Thursday afternoon/evening). Some institutions post deposits earlier in the day. We use Paychex and I've seen my direct deposit posted to my CU account at various times between 10:00 AM and 4:00 PM the day before.

 

If the designated paydate falls on a Saturday or Sunday, it's usually treated as a Friday deadline, with deposits made by close of business Thursday night. The biggest "advance" is when a payday falls on a Tuesday after a Monday holiday - the deposit is posted by close of business Friday.

 

YMMV, depending on state laws, payroll service, and bank/CU procedures ...

[butterflywings]

DH's paycheck is direct deposited on Thur at 3pm and it shows as an "available balance" early Friday a.m, and we are free to use it then, and believe me we do, but it won't show as part of the statement balance until Monday.

[mellon]

GTE FCU seems to make my $$ available a day early

[GreatHornedOwl65]

I currently have checking accounts with BOA (since 2001), USAA (couple months), NFCU (new). I'm joing Alliant next month as well but not sure whether or not I will open a checking account as well. Anyway, I've read here people saying that their bank makes their paychecks available in their accounts a day before payday and I was under the impression that NFCU was one of them.

 

I changed my DD this week to deposit $100 to NFCU just to test the waters before I make a full transition and noticed that it showed up on my NFCU online account on Tuesday as "pending", buy not available until the Wednesday which makes it the same as my payday and my BOA account. So with time will it eventually be available on Tuesday or will it always be this way with NFCU? Will Alliant make it available on Tuesday? Others? Thoughts?

 

Thanks

I can only speak for USAA. I have direct deposit with them & my funds are available the day before so, I can't complain.