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Credit unions with early direct deposit

Valued Contributor

Re: Credit unions with early direct deposit


@Workin4abetterFICOwrote:

Question.  Why?  The period between pay will be constant still, correct?  So, what is the point to early pay?


It's hard to explain. When you start getting paid early, you'll understand what we're talking about. 

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Message 31 of 42
Super Contributor

Re: Credit unions with early direct deposit


@Workin4abetterFICOwrote:

Question.  Why?  The period between pay will be constant still, correct?  So, what is the point to early pay?


If I were a wealthy man, I might not care. But since I'm not, I do like to have my money early. And which institution you use can make a difference. With the 2-day institutions, you can sometimes get it even earlier... I've had deposits with a Wednesday payment date credited to my account the previous Friday afternoon.... that's 5 calendar days early.


FICO8 EQ 769 TU 789 EX 764 Total revolving limits 569900 (484900 reporting)
Message 32 of 42
Frequent Contributor

Re: Credit unions with early direct deposit

It is certainly not Alliance Catholic Credit Union. It takes over 1/3 of a day to acknowledge my direct depost which happens at 12:01 AM! Wells Fargo oversees the accounts.


Message 33 of 42
Community Leader
Valued Contributor

Re: Credit unions with early direct deposit


@SouthJamaicawrote:

@Workin4abetterFICOwrote:

Question.  Why?  The period between pay will be constant still, correct?  So, what is the point to early pay?


If I were a wealthy man, I might not care. But since I'm not, I do like to have my money early. And which institution you use can make a difference. With the 2-day institutions, you can sometimes get it even earlier... I've had deposits with a Wednesday payment date credited to my account the previous Friday afternoon.... that's 5 calendar days early.


Well, the early deposit of payroll is a very nice benny, I don't count on it for calculating cash flow. My employer is the local county government and probably not as . . .  diligent on payroll as private employers. My payday is biweekly, every other Friday. Normally DCU posts it in available balance on Thursday mornings, but when there's a Monday federal holiday it often doesn't show up until late Thursday, and once not until Friday morning.


Fico 08: 720/721/719 TU/EX/EQ
Message 34 of 42
Super Contributor

Re: Credit unions with early direct deposit


@DaveInAZwrote:

@SouthJamaicawrote:

@Workin4abetterFICOwrote:

Question.  Why?  The period between pay will be constant still, correct?  So, what is the point to early pay?


If I were a wealthy man, I might not care. But since I'm not, I do like to have my money early. And which institution you use can make a difference. With the 2-day institutions, you can sometimes get it even earlier... I've had deposits with a Wednesday payment date credited to my account the previous Friday afternoon.... that's 5 calendar days early.


Well, the early deposit of payroll is a very nice benny, I don't count on it for calculating cash flow. My employer is the local county government and probably not as . . .  diligent on payroll as private employers. My payday is biweekly, every other Friday. Normally DCU posts it in available balance on Thursday mornings, but when there's a Monday federal holiday it often doesn't show up until late Thursday, and once not until Friday morning.


That makes DCU a 1-day, not a 2-day.

 

The ones I call 2-day would normally make a Friday paycheck available Wednesday.


FICO8 EQ 769 TU 789 EX 764 Total revolving limits 569900 (484900 reporting)
Message 35 of 42
Frequent Contributor

Re: Credit unions with early direct deposit

What's the point?? It's only a benefit the first time, but then the time period is the same. You don't get any extra money.
Message 36 of 42
Established Member

Re: Credit unions with early direct deposit

I HIGHLY RECOMMEND CHIME TO EVERYONE.  THEY PAY 2 DAYS EARLY AND THEY HAVE NO FEES. THEY CAN AUTOMATICALLY SAVE 10% OF YOUR PAYCHECK.

 

only downside is that they have no branches.

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Message 37 of 42
Community Leader
Valued Contributor

Re: Credit unions with early direct deposit


@brokeandwokewrote:

I HIGHLY RECOMMEND CHIME TO EVERYONE.  THEY PAY 2 DAYS EARLY AND THEY HAVE NO FEES. THEY CAN AUTOMATICALLY SAVE 10% OF YOUR PAYCHECK.

 

only downside is that they have no branches.


That's a pretty big downside, and it's not the only downside - another one is that they offer zero credit products. Every bank or credit union where I have checking and/or savings accounts I also have a credit releationship with them: DCU, great rate car loan; Penfed, great rate Home Equity LOC w/interest only minimum payments; Vantage West (local southern AZ CU), low interest, 0 fee BT/cash advance Visa.


Fico 08: 720/721/719 TU/EX/EQ
Message 38 of 42
Regular Contributor

Re: Credit unions with early direct deposit


@SouthJamaicawrote:

@Workin4abetterFICOwrote:

Question.  Why?  The period between pay will be constant still, correct?  So, what is the point to early pay?


If I were a wealthy man, I might not care. But since I'm not, I do like to have my money early. And which institution you use can make a difference. With the 2-day institutions, you can sometimes get it even earlier... I've had deposits with a Wednesday payment date credited to my account the previous Friday afternoon.... that's 5 calendar days early.


It makes ZERO difference, regardless if you are wealthy or poor.

 

If you have 200 dollars per week paycheck, it does not matter if that pay has to last from Friday to Friday or Wednesday to Wednesday. The 200$ still has to last the same amount of time.

 

You are just deluding yourself to believe otherwise.



Message 39 of 42
Super Contributor

Re: Credit unions with early direct deposit


@Workin4abetterFICOwrote:

@SouthJamaicawrote:

@Workin4abetterFICOwrote:

Question.  Why?  The period between pay will be constant still, correct?  So, what is the point to early pay?


If I were a wealthy man, I might not care. But since I'm not, I do like to have my money early. And which institution you use can make a difference. With the 2-day institutions, you can sometimes get it even earlier... I've had deposits with a Wednesday payment date credited to my account the previous Friday afternoon.... that's 5 calendar days early.


It makes ZERO difference, regardless if you are wealthy or poor.

 

If you have 200 dollars per week paycheck, it does not matter if that pay has to last from Friday to Friday or Wednesday to Wednesday. The 200$ still has to last the same amount of time.

 

You are just deluding yourself to believe otherwise.


Can we please stay on topic. If early direct deposit isn't important to you that's fine. This thread isn't about whether it's a good thing or not, it's about which credit unions offer it.

 

 


FICO8 EQ 769 TU 789 EX 764 Total revolving limits 569900 (484900 reporting)
Message 40 of 42