What is early direct deposit?
You’ve done everything you can to manage your money, including setting a budget, paying your bills on time, limiting your impulse spending, cutting down your debts, and maximizing your savings. Still, wouldn’t it be great if you could get paid a few days early, rather than waiting for payday?
Well, now you can!
If you’ve set up direct deposit with Stash, it’s possible for you to get your paycheck up to two days early, we call it ASAP Direct Deposit™.4
How does early direct deposit work?
Here’s how it works: Often your employer, or benefits provider, will notify our bank of your incoming deposit in advance of your actual payday. If they do, ASAP™ Direct Deposit can credit your these funds to your debit account when they give us that advance notice. That means you won’t have to wait for payday.
By setting up direct deposit with Stash, you may be able to get paid a few days earlier.
What is direct deposit?
Direct deposit is an electronic transfer of cash from one bank account to another.
Employers may choose to pay you by direct deposit, because it can help them cut down on risks and costs associated with paper checks. But direct deposit can also be used in other ways. The IRS, for example, can use direct deposit to transfer tax refunds to filers’ bank accounts.
Many companies and organizations use direct deposit to eliminate the need to write paper checks. It can also reduce risks associated with physical checks, which can be lost or stolen in the mail. Payments can also be made or received much faster, and an electronic record is created for transactions, allowing the sender and receiver to track funds.
How do you set up direct deposit?
Stash customers who wish to set up direct deposit with their employers in order to receive their paychecks generally have to fill out a form that gives their employers their banking information. That includes some basic data, such as the name of your bank and its routing number, and your account number and type, such as whether it’s a savings or checkings account. (You’ll find your Stash banking account information in your bank account settings.)
Stash can help you set up direct deposit quickly and easily with its technology. Simply answer a few short questions using an electronic form in the app. We’ll send the information directly to your employer, or to your employer’s payroll provider. (You can also fill out the form electronically, download it, and give it to your employer’s payroll department in person.)
What’s more, if you don’t feel like putting your entire paycheck into your Stash banking account, you can choose how much you want to deposit. Simply choose a percentage or a dollar amount, and we’ll take care of the rest.
You should receive your first direct deposit in one to two pay periods, depending on your company’s payroll policies, and the financial institutions involved. You can always reach to your employer or payroll provider for real-time updates.
Get paid two days early with direct deposit
ASAP Direct Deposit™ from Stash can help you take charge of your financial life by giving you access to your money up to two days earlier than normal.
You’ve worked hard for your money, so why not get paid early?