topic Re: Wells Fargo to Credit Direct Deposits Early in Personal Finance

Wells Fargo to Credit Direct Deposits Early

UncleB — Mon, 17 Oct 2022 09:02:47 GMT

I just noticed this tidbit on the last page of my August Wells Fargo checking account statement:

The primary reason I started using USAA years ago was getting direct deposits a day early and free ATM withdrawals, and with Wells Fargo now offering early availability I'm considering shifting my primary banking back to WF. Recently I've seen first-hand the limitations inherent with online-only banks such as USAA (a topic for another day, and a different thread) so this change with WF is very timely for me.

Some people will say "if getting your DD a day early is a show-stopper, you're doing it wrong" and that's fine, but for many the early availability is useful. In any case, this is definitely a change in the right direction.

Re: Wells Fargo to Credit Some Direct Deposits Early

Brian_Earl_Spilner — Mon, 19 Sep 2022 06:25:33 GMT

You have a Wells Fargo account?

I'm not angry, just...disappointed.

Re: Wells Fargo to Credit Some Direct Deposits Early

UncleB — Mon, 19 Sep 2022 06:29:54 GMT

@Brian_Earl_Spilner wrote:
You have a Wells Fargo account?

I'm not angry, just...disappointed.

LOL, yep... had it for years (15+). It's a checking account that I treat like a savings account (not much activity) but it's been my brick-and-mortar option for when I needed something USAA couldn't provide.

I know they have a bad rap - and rightfully so - but they've always served me well. In my region (Southeast) the WF branches were previously Wachovia which was fantastic, so possibly that's part of the reason my experience with them has always been good.

Re: Wells Fargo to Credit Some Direct Deposits Early

cashorcharge — Mon, 19 Sep 2022 23:41:26 GMT

Thanks @UncleB

I guess I need to spend more time reading my statements. This is great!

Oddly enough...today I noticed a transfer from Apple Cash that I initiated last night and I didn't choose the expedite. I was surprised it was there this morning as it considers Apple Cash to be a Direct Deposit when I would have normally not seen it until TUE.

Re: Wells Fargo to Credit Some Direct Deposits Early

OmarGB9 — Tue, 20 Sep 2022 05:20:20 GMT

Nice. My local state CU (RBFCU) has been crediting my DD 2 days (sometimes even 3 days!) early since my first job.

Re: Wells Fargo to Credit Some Direct Deposits Early

Anonymous — Tue, 20 Sep 2022 06:56:09 GMT

@UncleB

Appreciate your calling this out as the print is so small that those of us with more mature eyes could not see it?

Nice catch!

Re: Wells Fargo to Credit Some Direct Deposits Early

UncleB — Wed, 21 Sep 2022 19:17:54 GMT

@cashorcharge wrote:
Thanks @UncleB
I guess I need to spend more time reading my statements. This is great!
Oddly enough...today I noticed a transfer from Apple Cash that I initiated last night and I didn't choose the expedite. I was surprised it was there this morning as it considers Apple Cash to be a Direct Deposit when I would have normally not seen it until TUE.

Same here... I had a miniscule Venmo balance that I decided to transfer to checking just to see how long it would take. I initiated the transfer around 3pm yesterday, and this morning it was already in my WF checking account. And not just credited/available, but fully posted.

I was concerned about the fine print (thus my "some" in the thread subject line) but that might just be boilerplate legal stuff so they can CYA. I'm interested to see how they handle 'real' DDs in a few weeks!

Re: Wells Fargo to Credit Some Direct Deposits Early

UncleB — Wed, 21 Sep 2022 19:35:03 GMT

@Anonymous wrote:
@UncleB

Appreciate your calling this out as the print is so small that those of us with more mature eyes could not see it?

Nice catch!

I hear ya, @Anonymous, my eyes aren't what they used to be either!

I have electronic statements so I don't always get around to looking at all the fine-print either, but thankfully this time it worked out where I did.

Fun random fact... I have an account type no longe offered, so I was looking over the e-statement to see what it's called, LOL. (It's "Wells Fargo Preferred Checking.")

Re: Wells Fargo to Credit Some Direct Deposits Early

SouthJamaica — Thu, 22 Sep 2022 11:28:28 GMT

@UncleB wrote:
I just noticed this tidbit on the last page of my August Wells Fargo checking account statement:

The primary reason I started using USAA years ago was getting direct deposits a day early and free ATM withdrawals, and with Wells Fargo now offering early availability I'm considering shifting my primary banking back to WF. Recently I've seen first-hand the limitations inherent with online-only banks such as USAA (a topic for another day, and a different thread) so this change with WF is very timely for me.

Some people will say "if getting your DD a day early is a show-stopper, you're doing it wrong" and that's fine, but for many the early availability is useful. In any case, this is definitely a change in the right direction.

Nowadays, there are lots of instititutions which offer early direct deposit. Here is a sampling of them.

Re: Wells Fargo to Credit Some Direct Deposits Early

UncleB — Thu, 22 Sep 2022 14:27:09 GMT

@SouthJamaica wrote:
Nowadays, there are lots of instititutions which offer early direct deposit. Here is a sampling of them.

Absolutely, but IMO WF is notable (thus the separate thread) since it's the first of the big/well-known banks to offer the perk.

Hopefully others will follow!

Re: Wells Fargo to Credit Some Direct Deposits Early

Royalbacon — Sat, 24 Sep 2022 02:51:21 GMT

@UncleB wrote:
@SouthJamaica wrote:
Nowadays, there are lots of instititutions which offer early direct deposit. Here is a sampling of them.
Absolutely, but IMO WF is notable (thus the separate thread) since it's the first of the big/well-known banks to offer the perk.

Absolutely!

Re: Wells Fargo to Credit Some Direct Deposits Early

LADave — Mon, 03 Oct 2022 21:24:04 GMT

@UncleB wrote:
@SouthJamaica wrote:
Nowadays, there are lots of instititutions which offer early direct deposit. Here is a sampling of them.
Absolutely, but IMO WF is notable (thus the separate thread) since it's the first of the big/well-known banks to offer the perk.

Hopefully others will follow!

Capital One has offered this for a while - in fact, it was the main draw for me to set up a checking account with them. They're big and well known, but more for credit cards than Internet banking (and their cafes don't seem to count as "branches").

Wells Fargo banking updates

NoMoreE46 — Wed, 21 Dec 2022 00:56:07 GMT

Looks like WF is going to give an extra day for a grace period and earlier access to your DD by a few days.

Re: Wells Fargo banking updates

AndySoCal — Tue, 04 Oct 2022 01:00:29 GMT

Discover Bank does not charge most of the fees that Wells Fargo does. Plus, you receive 1% cash on your debit card purchases.

Re: Wells Fargo banking updates

justjac2 — Wed, 12 Oct 2022 23:31:17 GMT

Early direct deposit started for me today. I got a text around 6 PM that my deposit was available. Payday is Friday.

Re: Wells Fargo banking updates

NoMoreE46 — Fri, 14 Oct 2022 14:29:28 GMT

@justjac2 wrote:
Early direct deposit started for me today. I got a text around 6 PM that my deposit was available. Payday is Friday.

So you got your DD in Wednesday? My WF DD was posted today so still Friday- no change. CapOne DD on Wednesdays.

Re: Wells Fargo banking updates

justjac2 — Sat, 15 Oct 2022 14:18:12 GMT

@NoMoreE46 Yes, I got a deposit alert text from Wells on Wednesday afternoon. When I looked at my account, the available balance included the deposit. Maybe they're rolling it out in waves?

Re: Wells Fargo banking updates

NoMoreE46 — Sat, 15 Oct 2022 18:59:06 GMT

Hmmn. Let's see what happens in two weeks.

I will saytthat I do always receive a SMS at 6:00 AM Central time that my DD is ready every other Friday from WF.

Re: Wells Fargo banking updates

pauldc73 — Mon, 17 Oct 2022 22:53:31 GMT

It also depends on when your employer transmits their payroll. With ADP for example, the employer can transmit just before 5pm (at least in Central time zone) and employees can still get paid the next day. In that situation, those paychecks will never be paid early as the bank will not know how much it is in advance.

Re: Wells Fargo banking updates

justjac2 — Thu, 27 Oct 2022 22:10:38 GMT

@NoMoreE46 Early payroll again today, just after 6 PM like last time. My other FIs post around 11:30-12:30, but this is definitely early (payday is 31st).