Doesn’t everybody get tired of waiting for days for their paychecks? Or getting frustrated when they are late paying the bills because of delayed paychecks? If so, how do the words ‘get paid up to 2 days faster’ sound?!
It’s safe to say that most employees don’t like the feeling of waiting too long for their hard-earned money to come in. Sometimes paychecks are even lost in the mail or stolen. It only adds to their waiting time if the employer has to replace the paycheck, adding to frustration. So how could hardworking employees avoid this? Get paid fast and early, that’s how.
Direct deposit is a solution to cut the waiting time for a paycheck. These are some of the reasons why a direct deposit is better than a regular paycheck:
- It is faster. Once the employer deposits the pay of the employees, it will be electronically transferred immediately to their bank accounts.
- It is convenient. Employees who choose to use this method do not need to wait for their paychecks to come in the mail, then get in line at the bank to deposit it. With early direct deposit, the money is already cleared and ready to withdraw.
- It is accessible and efficient. People can access and control their accounts with the use of their mobile banking apps whenever and wherever they are.
- It is safe. People do not have to worry about paychecks getting lost. Every transaction is electronically-generated.
- It’s basically free with many bank accounts.
Everyone should be reminded that to take advantage of the direct deposit feature, one should have a bank account. Before opening an account, the consumer should also think about the different banking fees. Major banks impose different rates for these fees. For those consumers who do not have extra money to pay for them, they could just open an account with Chime, an online banking account. Chime does not charge monthly fees and there are no hidden charges, so it’s a great alternative to traditional banks.
How does direct deposit work exactly?
When the Federal Reserve accepts the payroll submitted by the employer, it notifies the banks regarding employee salary. It is then up to the banks whether to release it earlier or exactly on payday. Most major banks wait for the actual payday but Chime is one of the fastest banking accounts, making the deposit of pay up to 2 days faster.
This is possible because of Chime’s Early Direct Deposit feature. If a payday falls on a Friday, employees with a Chime account usually receive their pay on Wednesday. Account holders can make saving more money possible with the Automatic Savings program which allows users to automatically transfer 10% of their paycheck to their savings account every time they get paid.
Consumers should seriously consider receiving pay through direct deposit. Overall, it is convenient, safe, and fast; especially for Chime account holders who get paid faster with their account than others who bank elsewhere.