How Direct Deposit and Payday Perqs Improved My Life



Back in the day, I got a paper paycheck every Thursday from my employer. It was the highlight of my week, for sure. What wasn’t fun was depositing my check. I had to scoot directly from work so I could get to the bank 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.

These days 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, are processed electronically through Automated Clearing House payment processing, or ACH for short.

Hanscom FCU has done direct deposit one better with Payday Perqs. With Payday Perqs, we credit your direct deposit to your account as soon as we receive notice from the payer that a direct deposit is pending.

Payday Perqs means you could have access to your deposit up to two days early. It's free and it's automatic, and it applies to all direct deposits. When budgets are tight, an early paycheck can be 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 here.

Don’t have direct deposit with us? Then 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. Ei yi yi!

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About Author

Bill Burpeau
Bill Burpeau

Bill Burpeau is a Financial Wellness Coach at Hanscom FCU. As a Credit Union Certified Financial Counselor, he is an enthusiastic advocate of everyone being engaged in their financial health, educated and empowered to make the best financial decisions for themselves every day. He constantly studies and is up to date with the latest financial management concepts and technology. Bill is a graduate of Texas A&M University with a BBA in Business Management and served in the U.S. Navy as a Supply Officer.

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