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Why Not Get Paid Two Days Early? - Money Tip Tuesday
If someone offered to pay you earlier than expected, wouldn’t you be ecstatic? If you have Direct Deposit with your employer, then you may have the option of getting paid up to two days earlier! Listen to this tip to learn more.
Links:
- Learn more about Triangle's checking accounts with Early Paycheck
Transcript:
This is Money Tip Tuesday from the Making Money Personal Podcast.
I know, getting paid up to two days early from your employer sounds too good to be true, but it is, in fact, true and here’s how it works: 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:
(1) You must have a direct deposit service set up with your credit union, which means your employer must offer direct deposit. If you’re not sure that 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 that will be presented later—at the top of list is Early Paycheck.
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.
(2) 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 can be 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.
(3) 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 Early Paycheck with Direct Deposit:
First, it’s all about cash flow. The sooner you have access to your paycheck, the better—whether that means you use it to pay bills or your best friend for picking up the dinner tab last night!
Better cashflow 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.
Direct deposit makes your life so much easier! Your paycheck is automatically deposited at your credit union so you don’t have worry about remembering to deposit your check yourself!
Plus, electronic fund transfers are safe and secure. You don’t have to think about where your paycheck is or losing it! You also have access to your funds faster. 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, use your mobile banking to deposit checks from anywhere.
RDC is 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 a confirmation that your check has been submitted to your institution.
For more information about RDC as an option, contact your credit union.
If you have any additional tips or would like us to cover a specific topic, email us at [email protected].
For more great content, be sure to subscribe to our Making Money Personal podcast wherever you listen to podcasts and follow us on Facebook.
Special thanks to our sponsor, Triangle Credit Union and to you for tuning in!
Have a great day!
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By Triangle Credit Union
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If someone offered to pay you earlier than expected, wouldn’t you be ecstatic? If you have Direct Deposit with your employer, then you may have the option of getting paid up to two days earlier! Listen to this tip to learn more.
Links:
- Learn more about Triangle's checking accounts with Early Paycheck
Transcript:
This is Money Tip Tuesday from the Making Money Personal Podcast.
I know, getting paid up to two days early from your employer sounds too good to be true, but it is, in fact, true and here’s how it works: 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:
(1) You must have a direct deposit service set up with your credit union, which means your employer must offer direct deposit. If you’re not sure that 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 that will be presented later—at the top of list is Early Paycheck.
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.
(2) 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 can be 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.
(3) 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 Early Paycheck with Direct Deposit:
First, it’s all about cash flow. The sooner you have access to your paycheck, the better—whether that means you use it to pay bills or your best friend for picking up the dinner tab last night!
Better cashflow 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.
Direct deposit makes your life so much easier! Your paycheck is automatically deposited at your credit union so you don’t have worry about remembering to deposit your check yourself!
Plus, electronic fund transfers are safe and secure. You don’t have to think about where your paycheck is or losing it! You also have access to your funds faster. 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, use your mobile banking to deposit checks from anywhere.
RDC is 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 a confirmation that your check has been submitted to your institution.
For more information about RDC as an option, contact your credit union.
If you have any additional tips or would like us to cover a specific topic, email us at [email protected].
For more great content, be sure to subscribe to our Making Money Personal podcast wherever you listen to podcasts and follow us on Facebook.
Special thanks to our sponsor, Triangle Credit Union and to you for tuning in!
Have a great day!