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Why Everyone Needs 2 Day Early Direct Deposit

Chances are you know what it’s like to look forward to your paycheck. Maybe your bank account is looking just a little too light and you’re eager to see it replenished. Or maybe there’s an exciting purchase you’ve been hoping to make—and you know that, once the next check hits your bank account, you’ll be able to treat yourself.

Well, if you’re the kind of person who waits with bated breath for their next check to clear, we’ve got some great news: You can make that day come a little bit sooner than normal. It’s all possible when you get the Binji app and set up a direct deposit. The upshot? You can get paid up to two days earlier than you would with a traditional bank.

How Early Direct Deposit Works

It’s really pretty simple. With a new pay period looming, your employer will transfer your pay stub information to the Federal Reserve. It’s their job to keep everything straight with payroll taxes, Social Security contributions, etc.

The Federal Reserve will then transmit your payment information to the bank of your choice, including both how much you’re going to get paid and what day the payment is supposed to hit your bank account.

Most traditional banks will wait until that day to make the funds available to you—but when you bank with Binji, there’s no need to wait. We’ll grant you access to your paycheck as soon as we possibly can. So while your colleagues may not get their weekly pay until Friday, you can have yours as soon as Wednesday.

It’s worth noting that this isn’t just for those who are awaiting a paycheck, either.

You can also sign up for early direct deposit for any of the following:

  • Social Security
  • Pension funds
  • State unemployment benefits
  • Veterans’ benefits
  • Workers’ comp benefits

Signing Up for Early Direct Deposit Is Easy

The major benefit to early direct deposit is pretty obvious: You get paid sooner! But there are some other perks, too, including the fact that it’s just a very straightforward process.

Here’s all you have to do:

  1. Sign up for a Binji Account!
  2. Download the Binji App on your smartphone.
  3. Go to the “settings” section of the app, where you can find your account number and routing number.
  4. Provide both of these numbers to your employer (most employers will have a direct deposit form you can fill out).

And that’s all there is to it: simple signup for early direct deposit!

Additional Benefits to Early Direct Deposit

Early direct deposit makes your life easier, but it can also benefit your financial health. Think about it:

  • You have a major bill due today but your paycheck doesn’t clear for two more days. That can be incredibly frustrating and leave you with a lot of not-very-good options—but when you get paid earlier, it allows you for some more flexibility. You can also get more of a head start meeting your monthly saving or budgeting goals.
  • Early direct deposit can also help you earn more interest. The sooner you get paid, the sooner you can move those funds either into a savings account or an investment portfolio, allowing you a little extra time with your money “in the market.” And sure, it’s just a day or two, so it’s not like you’re going to make that much extra interest—but over time, these little bits and pieces add up!
  • The money that’s directly deposited into your account will instantly be available to use with your Binji card, which means you can make any urgent purchases right away. Again, it’s all about greater freedom and flexibility to live your life.
  • One more note: When you get paid earlier, it helps you develop the mindset that you’re the one in control of your money and that your money ultimately works for you. No more waiting around for your deposit to hit. Get it sooner rather than later and start taking charge of your financial life.

Get Started with Early Direct Deposit Today

Everybody loves getting paid but nobody likes having to wait for it. So this is unequivocally good news: You don’t have to wait quite as long for your next direct deposit! When you sign up for a Binji banking account, download the app, and activate an early direct deposit, you can start getting paid a little bit more expediently.

Take the first step toward changing your payday now. Sign up for branchless mobile banking with Binji today and start taking control of your financial life.

Don't have a Binji Card yet? Get Binji today!