What is the fastest a direct deposit can process?
Banks must make direct deposits available at least by the following business day ifthe deposit is received on a normal banking day. But many banks may even make the money available immediately as a general practice.
Some financial institutions may automatically enroll eligible accounts in early direct deposit services. With others, you may have to set up direct deposit first and early direct deposit may be optional. Some of the banks that offer early direct deposit may do so for free, while others might charge a fee.
Discover is one of the best banks with early direct deposit because its Early Pay feature is easy to qualify for and offered on many accounts, including the bank's fee-free, no-minimum cash-back checking account.
If you deposit cash, that money goes directly to your account and will be ready for you to use immediately. But for checks and other items that might need verification (to protect you and the bank), the money usually won't be available until the next business day.
With early direct deposit, your bank doesn't wait – you have access to your paycheck right away. Many banks now offer this service, from national banks to local banks and every type in between.
By law, banks must make direct deposits available by the next business day after the banking day the money is received from the ACH. But banks can choose to make the money available sooner than that — and many opt to give you access to your money right away.
Early direct deposit, also called early pay, is a free service provided by some financial institutions as a courtesy to their customers. Qualifying deposits are released as soon as the funds are received by the recipient's bank. With early pay you may get paid up to two days before your scheduled payment date.
Account | Earliest Deposit Time Frame |
---|---|
Chase Total Checking® Account Open Account | 1 business day |
SoFi Checking and Savings Open Account | 1 business day |
Ally Spending Account Open Account | 1 business day |
PNC Bank Checking – Virtual Wallet Open Account | As soon as same day |
Deposit type
Cash and direct deposits are most often made available same day. Banks typically make most checks available within a couple days.
For Chase Secure CheckingSM only: Early direct deposit is a service that comes with your Chase Secure Checking account in which we credit your eligible direct deposit transaction up to two business days early.
Can you ask your bank to release funds early?
Some banks or credit unions may make funds available more quickly than the law requires, and some may expedite funds availability for a fee. If you need the money from a particular check, you can ask the teller when the funds will become available.
Many banks show direct deposits in your bank account at midnight. You will also have to see which payroll software your employer uses since it can affect delivery time. Most payroll software lets you receive payments within two days, while others may require up to four days.
3 min read. An Instant Access Account is a type of savings account that allows you to deposit and withdraw your money whenever you need it, without incurring any penalty charges. It is an easy-to-use and flexible savings option that generally offers a higher interest rate than a standard current account.
Expand. Wells Fargo's general policy is to make deposited funds available on the first business day after we receive the deposit. In some cases, however, we place a deposit hold on these funds and delay availability for up to 7 business days.
In general, direct deposit payments can take anywhere from one to three business days to process, making them faster than paper checks. With paper checks, employees may have to wait for the check to arrive in the mail and then take it to the bank to deposit, which can take additional time.
A business day does not include Saturday or Sunday, or federal holidays even if the bank or credit union is open. This means that if the deposit is received by the bank or credit union on a Friday morning, the money may not be available until Monday (or Tuesday if Monday is a federal holiday).
Businesses with payroll processing solutions typically finish internal processes in one to two days. After payroll is submitted to the bank, it takes two to three days for wages to be deposited into employee bank accounts. So, employees receive their paychecks, on average, within five days of the pay period end date.
The short answer is that you'll typically be able to access a direct deposit by 9 a.m. on the morning of your payday and sometimes as early as 12-6 a.m. That said, the exact timing of when direct deposit hits can vary.
Online Banking: Most banks provide online banking services that allow you to check the status of your account and view transactions in real-time. You can check if the deposit has been made and how much has been credited to your account.
Banks can hold deposited funds for various reasons, but, in most cases, it's to prevent any returned payments from your account. In other words, the bank wants to make sure that the deposit is good before giving you access to the money.
Which checks clear immediately?
Cashier's and government checks, along with checks drawn on the same financial institution that holds your account, usually clear faster, in one business day. NerdWallet's ratings are determined by our editorial team.
Try Visiting the Check-Writer's Bank
The safest and fastest way to get cash is to take your check to the check writer's bank. That's the bank or credit union that holds the check writer's funds, and you can get the money out of the check writer's account and into your hands instantly at that bank.
However, the exact time of day that your paycheck or benefit payment is deposited onto your card will usually vary from payday to payday because employers and benefits providers often send payment instructions at different times from pay period to pay period and fraud prevention restrictions may apply.
Our policy is to make funds from your cash or check deposits available to you on the first business day after the day we receive your deposit. Electronic direct deposits will be available on the day we receive the deposit.
There's no enrollment required and no fee – Early Pay Day is included with Direct Deposit. Once we receive information about your incoming direct deposit from your payor, we may make the funds available for your use up to two days earlier 1 than your scheduled pay date.
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