Get Paid Up to Two Days Faster With Payday Perqs

calendar with payday circled two days earlier with Payday Perqs

Did you know there's a way you can get your direct deposits, such as payroll, annuity, retirement, and Social Security, up to two days earlier than your actual payday?

With Payday Perqs at Hanscom FCU, your money appears in your account as soon as we get notice from your payer, which is often a few days before your actual payday.

 
When your money appears in your account ultimately depends on your payer's schedule. That is, if they send their payroll file to us at a later date and/or time than they normally do, your money will also appear later.
 
But the bottom line is: with Payday Perqs, as soon as we get notice from your payer, you get your money.

Here's how it works if you're getting direct deposit payments. We'll use your payroll check as an example:
 
Every pay period, your employer sends its payroll files to the Federal Reserve, a.k.a “The Fed.”
 
The Fed then uses those files to tell us how much your direct deposit should be and the date we should receive payroll funds from your employer.

Instead of waiting for the actual payroll funds from your employer, we immediately post the deposit to your account when we receive the files from the Fed. Again, the files can come at different dates/times each pay period, which would affect when we post to your account.

This means that direct deposits will never be pending in your account until your actual payday. You get your money as soon as we know it's coming.

If it takes longer than last time for your direct deposit to appear in your account, it's not because we're holding on to it. It only means that your employer sent payroll files to the Fed later than last time.

If you would like a longer step-by-step explanation of how direct deposit works, here's a good overview from Nacha, the organization that oversees the electronic system connecting financial institutions in the U.S.

So if you would like to get your money up to two days earlier than your normal payday, all you have to do is sign up for direct deposit with Hanscom FCU and you'll automatically enjoy the perks of Payday Perqs
 
Get details on  Direct Deposit and Payday Perqs
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About Author

Diana Burrell
Diana Burrell

Diana Burrell is the communications manager at Hanscom FCU and edits the MoneyWisdom blog. She has a background in magazine journalism, as well as marketing, advertising, and public relations, and has written over a dozen books. You can reach her at dburrell@hfcu.org.

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