How To Get Your Paycheck Up To Two Days Early - Money Tip Tuesday

Have you ever wished that you could get your paycheck a few days early? With early paycheck, that is now possible! Here’s what early paycheck is and how it works. 

Links: 

• Learn more about Triangle checking accounts that offer Early Paycheck with direct deposit
• Follow our Facebook, Instagram and Twitter pages!
• Learn more about Triangle Credit Union

Transcript: 

Welcome to Money Tip Tuesday from the Making Money Personal podcast. 

Early paycheck is when your check is deposited into your account earlier than Friday. You may receive it as early as two days before payday. But how does this work? Well, direct deposit payments have an official payment date, which is the date employers intend the payment to be made.  

Most businesses use a system called automated clearing house, or ACH for short, which processes electronic payments. When employees are signed up for direct deposit, businesses use the automated clearing house system to process the check payments. 

The payroll file of direct deposits will then be sent to the corresponding employees’ financial institutions. The deposit will then go through the automated clearinghouse system. If your paycheck is deposited before payday, your financial institution is advancing the funds to you, knowing that they will receive the money when the funds become available. 

If this sounds good to you, it’s easy to get your paycheck early! First, look to see if your financial institution offers early paycheck. It might be called something else, like early direct deposit, or something similar. If your financial institution doesn’t offer early paycheck and you really want it, don’t worry, there’s plenty of options to choose from. Look around at other financial institutions to see if they offer early paycheck. For example, it is included with both Triangle Credit Union’s Basic Checking and Better Checking Accounts.   

Next, make sure that you are enrolled in direct deposit. You will need to provide your employer with your financial institution’s routing number and your account numbers for checking or savings, depending on which account you want your paycheck to go. 

Then you’re all set! It’s that easy!  

Early Paycheck also works for US government ACH payments like social security, so if you’re still waiting until Friday for a check but need it sooner for bills or other expenses, set up direct deposit and you’ll likely gain access to that money sooner.  

Direct deposit gives you more benefits over a physical paper check. First of all, you get your paycheck on time, or early with early paycheck. With a physical paper check you would have to either pick it up in the office or have it mailed to you. Second, it eliminates the additional step of having to deposit the check, with either remote deposit using your mobile device or computer or physically going into your financial institute.  

If you have questions on getting started, reach out to us via our website, give us a call.  

If there are any other tips or topics you’d like us to cover, let us know at tcupodcast@trianglecu.org and don't forget to like and follow our Making Money Personal Facebook, Instagram, and Twitter pages and look for our sponsor, Triangle Credit Union on Instagram and LinkedIn to share your thoughts.  

Thanks for listening to today’s Money Tip Tuesday and be sure to check out our other tips and episodes on the Making Money Personal podcast.  

Have a great day!