How Direct Deposit Can Help You Get Your Money Faster

Young woman wearing turquoise hard hat holding clipboard and walking in warehouse

If you've ever had to wait for your paycheck, you know how frustrating it can be.

Thankfully, there is an easy solution that will help you get your money faster: direct deposit. With direct deposit, the income you get through payroll, annuity, retirement, and Social Security can be deposited directly into your bank account up to two days earlier than your actual payday.

Let's take a closer look at what direct deposit is and how it works.

What Is Direct Deposit?

Direct deposit is a secure electronic transfer of funds from one account to another. It allows employers or other organizations to electronically send money directly into an employee’s or customer’s bank account without having to use paper checks or cash. The money is typically transferred on the day of the payment due date. This helps employees receive their pay faster and more reliably than if they were paid by physical check or cash. It also helps businesses save time and money by reducing paperwork and reducing associated costs with printing and mailing checks.

The Benefits of Direct Deposit

Direct deposit has numerous benefits for both employers and employees alike. For employers, direct deposits are more efficient since they don't have to manually process payroll each month; this saves them time and money in the long run. Employees benefit because they don't have to wait in line to cash the check or wait for a check in the mail; their funds are available right away upon payday—or even earlier!

Additionally, there are no lost checks or bounced payments to worry about when money is deposited electronically—everything is done automatically and securely through the banking system.

Finally, direct deposit provides employees with more control over their finances because it provides a predictable way for them to budget each month based on when their income arrives in their accounts. 

Get Paid Up to Two Days Earlier With Payday Perqs!

By setting up direct deposit with your employer or other organizations you work with, you may be able to get access to your paycheck up to two days earlier than usual. With Hanscom Federal Credit Union's 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 your account isn't credited early. For instance, if your employer doesn’t submit your payroll to ACH in time to post, then your deposit will come at the regular time. A weekday holiday is often the culprit here. 

Don’t have direct deposit with Hanscom Federal Credit Union and Payday Perqs? 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. Our routing number is 2113-8048-3 and your member number is your account number. 

Check out our upcoming financial education events

 

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Hanscom Federal Credit Union
Hanscom Federal Credit Union

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