Nowadays, employers prefer to use the direct deposit system to pay their employees. For a direct deposit to be done, the employer or party involved will provide requests for the bank or any other financial institution to deposit funds to your account digitally on a specified date. In this process, a trip to the bank or financial institution and the use of paper checks is abrogated. The funds are available to you once they hit your account. An advantage of this process is that you can access your paycheck instantly, and also your funds before the timeline. Follow us down as we discuss the direct deposits for major banks, how they work, and other pieces of information about direct deposits. Let us know more detail about ‘Bank Direct Deposit Times’.
Bank Direct Deposit Times
Banks and other financial institutions are the ones who determine when the accounts will receive the funds while payroll companies disburse the funds to financial institutions for direct deposit. These are the direct deposit times of the major banks;
- Axos bank: The bank makes payment immediately after they get a payroll notification. That could be two days earlier than the normal payday. The bank makes deposits during the business hours of the day they received the notification.
- Bank of America: The time for direct deposits in this bank is normally on the same day the employer sends information. The time to receive funds can be affected by the information received from the sender, but it is usually on the same day deposits are made by the employer on working days.
- BBVA: On the same working day the employer sends information, the bank sends the deposit.
- BECU: Usually between 12 a.m and 2 a.m (PST)
- Capital One: Direct deposits hit the receiver account on the day the sender deposit the funds on or before 9 a.m (EST)
- Central National Bank: The banks send direct deposits between 1 a.m and 4 a.m. The bank sends these deposits on the same day the employer sends them.
- Chase Bank: The bank sends direct deposits by 6:30 a.m (EST) on the working day they receive the notification.
- CitiBank: Usually direct deposits are sent between 12 a.m and 7 a.m. They send direct deposits immediately after they receive the notification on working days within the specified time.
- Citizens Bank: The bank’s direct deposit time is between 3 a.m and 6 a.m (EST)They send them on the day they received the notification within the specified time and on working days.
- Comerica Bank: The bank sends the deposit before 10:30 pm (EST) on the day they receive the funds or the next day if the employer sends the details after the bank working hours.
- Fidelity Bank: The bank sends direct deposits usually between 12 a.m and 7 a.m (EST). On the day they receive the notification from the sender.
- Fifth Third Bank: Direct deposits get to the receiver normally on the same day the employer sends information provided it gets to the bank before their closure time. They don’t have a set time for the transaction.
- PNC Bank: The bank sends direct deposits on the day they receive the employer’s details from 12 a,m to 8 a.m.
- TD Bank: The receiver gets the funds on or before 6 a.m on the receiver’s payday provided it is on business days.
- Truist Bank (Formerly BB&T and SunTrust): You receive the funds the day your employer deposits to the bank within 12a.m and 6a.m (EST) or on a date instructed by the sender.
- USAA: If your employer or sender deposits to the bank about 2 business days earlier than your payday, the direct deposit will hit your account a day before the payday or sometimes on the payday.
- U.S. Bank: The bank sends direct deposit by 8 a.m (PST) on the payment day or any day requested by the sender.
- Wells Fargo Bank: The bank sends direct deposits usually by 6:30 a.m (EST) on the payment day
- Wood Forest National Bank: Normally on the same business day provided the employer sends information before 8 p.m (CST), Woodforest National bank sends the funds. The bank sends direct deposits on business days.
Benefits of direct deposit
Direct deposits have numerous benefits for the employer (sender) and the receiver. These benefits include;
1. Helps avoid monthly maintenance fees.
2. In expensive and helps remove payroll fees
3. It is secure. The risk of losing paper checks isn’t there.
4. It is fast. The receiver gets payment as soon as the sender deposits to the bank.
5. It is convenient.
Conclusion
Knowing the Direct deposit time of a bank will help customers plan better and save time. The process proves to be safe and quick unlike using paper checks which are less secure and require going to the bank repeatedly. You can choose any of the above banks to run your direct deposit transactions.
Frequently Asked Questions
- How is direct deposit set up?
To set up a direct deposit, the employer or sender will require the receiver to enroll by providing your details in a direct deposit form. These details include your identification details, bank name and address, account number, and routing number. Sometimes, voided cheques are also required.
