MoneyWisdom Blog

How Direct Deposit and Payday Perqs Improved My Life

Posted by Patti Conty on Jun 5, 2015 7:00:00 AM

Payday-PerqsBack in the day, I got a paper paycheck every Thursday from my employer. It was a highlight of the week, for sure. What wasn’t fun was depositing my check. I had to scoot directly from work, arriving at the bank minutes before it closed.

If I ran late, it meant waiting two more days before I could make a deposit. Then I had to stand in line with everyone else on Saturday morning. I definitely had better things to do.

Thankfully, now we have direct deposit, and I no longer race the clock each week. Neither do the vast majority of us. All sorts of payments, from wages to social security benefits, now zip across the airwaves electronically through a process called ACH.

A little over a year ago, we did direct deposit one better with Payday Perqs.  Instead of waiting for funds to transfer, we began crediting your direct deposits as soon as we received notice from the payer that a direct deposit was pending.

Payday Perqs means you could have access to your deposit up to two days early. It is free and automatic, and applies to all direct deposits. When budgets are tight, an early paycheck is a welcome sight.

Because direct deposit is based on information from the payer, there could be times when we can’t credit your account early. For instance, if your employer doesn’t submit your payroll to ACH in time for us to post it early, then your deposit will come at the regular time. A weekday holiday is often the culprit.

Don’t have direct deposit with us? You’re missing out! Fortunately, it’s easy to get started. Just tell your employer or payer that you would like to set up a direct deposit with us. Have a voided check handy in case they ask for our routing number or your account number.

If you’re interested, someday I’ll tell you about the time I accidentally shredded my paycheck. Grr!




Patti Conty is Marketing Communications Manager for Hanscom FCU. She is an experienced writer interested in personal finance, technology, and the practical side of money management.

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