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Key takeaways
- Early direct deposit gets you paid up to two days before your scheduled payday – it’s your money arriving faster, not a loan.
- Many banks and fintech companies offer early direct deposit for free with their checking accounts.
- Setting up early direct deposit is as simple as switching to a financial institution that supports this feature.
Getting paid early can help you cover your bills on time and reduce financial stress. With early direct deposit, you can receive your paycheck up to two days early. We’ll compare banks and fintech companies that offer early direct deposit so you can find the right fit for your needs.
What is early direct deposit?
Early direct deposit is a banking feature that releases your paycheck up to two days before your scheduled payday. It’s not a loan – your bank simply gives you access to your money as soon as they receive the payment info from your employer instead of holding it until the official payday.
Early direct deposit works for various types of deposits including paychecks, tax refunds, and government benefits. Receiving your paycheck early can help you cover your bills on time and avoid late fees.
How does early direct deposit work?
When your employer sends payroll information to your bank, it goes through the Automated Clearing House (ACH), which is an electronic network used for money transfers between banks. It typically takes the ACH one to two days to verify the payroll information.
Some banks wait for this verification process to complete, but banks that offer early deposit release your money into your account immediately. The exact timing depends on when your employer submits payroll, which is why you’ll get paid “up to” two days early – it varies based on your employer’s schedule.
Banks with early direct deposit
Multiple banks offer early direct deposit. Here are six options you can compare to decide which one would best meet your banking needs.
| Bank | Monthly fee | Key feature |
|---|---|---|
| Chime | $0 | Fee-free overdraft with SpotMe® |
| Wells Fargo | $5 to $35, with waivers available | 4,000+ branches nationwide |
| Axos Bank | $0 | Unlimited ATM fee reimbursements |
| Ally | $0 | Auto-save features |
| Capital One | $0 | Cash deposits at ATMs, branches, and stores |
| Chase | $15, with waivers available | 15,000+ ATMs |
1. Chime
Chime, a fintech company, offers early direct deposit when you set up direct deposit with your account.1 It provides checking, high-yield savings, and credit-building tools for millions of members.
Chime charges no monthly account fees, no monthly minimum fees, and no overdraft fees.2 You can access over 47,000 fee-free in-network ATMs across the U.S.3
Like other institutions that offer early direct deposit, Chime lets you get paid up to two days early with direct deposit. A standout feature is SpotMe4, a fee-free service where Chime covers overdrafts within your personal limit – up to $200 – without charging a fee.
Plus, there are easy ways to save. When you make a purchase with your debit card, the automatic savings feature rounds up your purchases to the nearest dollar and saves the amount to your savings account.
| Pros | Cons |
|---|---|
| No monthly fees, minimum deposits, or overdraft fees | No brick-and-mortar locations |
| Fee-free overdrafts up to $200 with SpotMe | No reimbursement for out-of-network ATM fees |
| Get up to $500 of your pay before payday with MyPay® feature5 | Doesn’t offer home loans, auto loans, or investment accounts |
| Access to over 47,000 fee-free ATMs |
Who should consider Chime? Anyone who’s looking for a user-friendly online banking experience with no fees, a wide network of ATMs, and standout features like SpotMe and MyPay.
2. Wells Fargo
Wells Fargo is a big bank that was founded in 1852. There are about 4,000 locations and more than 11,000 in-network ATMs across the U.S. The bank offers everything from checking and savings accounts, credit cards, mortgages, car loans, to personal loans.
Wells Fargo offers several checking account options, each with different fee structures:
- Monthly fees: Range from $5 to $35 unless you meet waiver requirements
- Opening deposit: Minimum $25 required
- Overdraft fees: $35 per transaction, up to three times per day
- Savings bonus: Higher interest rates when you link checking to savings or CDs
Early Pay Day lets you access your funds up to two days before payday. However, not all direct deposits are eligible, and this feature can vary from deposit to deposit.
| Pros | Cons |
|---|---|
| Several checking accounts to choose from | May have monthly account and overdraft fees |
| Earn higher interest for linked checking and savings accounts | Minimum daily balance to avoid monthly fee |
| Wide network across the U.S. |
Who should consider Wells Fargo? People who can afford the minimum balance to get the monthly fee dropped – which starts at a $1,500 daily minimum balance. If you’re 13 to 24 years old, you can open a Wells Fargo Clear Access BankingSM account and avoid the monthly fee with $250 or more in qualifying electronic deposits.
3. Axos Bank
Launched in 2000 and headquartered in San Diego, Axos Bank is an online bank that offers checking and savings accounts, mortgages, personal loans, and auto loans.
You’ll need to sign up for the Essential Checking account to access Axos’ early direct deposit feature. Axos states it has no monthly fees, no overdraft fees, and $0 required to open its Essential Checking account. Plus, there’s no cap for getting reimbursed on fees at domestic ATMs.
However, you won’t be able to access early direct deposit through all of Axos’ checking accounts.
| Pros | Cons |
|---|---|
| No monthly account fees or minimum balance requirements | Early direct deposit not available on all accounts |
| No overdraft or non-sufficient fund fees | No APY with the Essential Checking account |
| Unlimited domestic ATM fee reimbursements |
Who should consider Axos? People who want a simple checking account to pay for everyday expenses and whose primary goal is early access to their paycheck.
4. Ally
Ally is an online bank headquartered in Detroit, Michigan, that offers savings, checking, CDs, credit cards, mortgages, auto and personal loans, and investing and retirement products.
Ally’s early deposit feature is free and automatic when you sign up for an Ally Bank Spending Account, and you can receive your paycheck up to two days early. There are no monthly maintenance fees and no overdraft fees.
There are a few fees to be aware of, including fees for outgoing domestic wires and overnight delivery.
| Pros | Cons |
|---|---|
| No monthly fees or overdraft fees | Fees for domestic wires and expedited delivery |
| Savings Buckets for savings goals | No cash deposits |
| Early direct deposit is free and automatic | No brick-and-mortar branches |
Who should consider Ally? People who want early access to their direct deposit and are also interested in products like auto and personal loans.
5. Capital One
Capital One was founded in 1994, is based in McLean, Virginia, and offers branch locations and over 70,000 ATMs. Uniquely, Capital One also offers cafés where you can manage and open accounts while enjoying food, drinks, and free Wi-Fi.
Capital One’s 360 Checking® account has no minimum balance requirement and no monthly account fee. Plus, there are multiple overdraft protection options, and you can deposit cash at certain ATMs in Capital One’s network.
Capital One’s early paycheck feature is available if you open a 360 Checking account. It’s free, giving you early access up to two days before your scheduled payday. However, the interest earned is minimal.
| Pros | Cons |
|---|---|
| No monthly account fees | Minimal interest earned |
| No minimum balance to open an account | Fees for cashier’s check and outgoing domestic wires |
| Can deposit cash inside branches, at ATMs, and at participating stores |
Who should consider Capital One? People who want to avoid fees or get paid in cash and want to deposit cash into their checking account.
6. Chase
Chase Bank is headquartered in New York City and offers savings accounts, checking accounts, CDs, mortgages, car loans, credit cards, and investing products. There are more than 15,000 ATMs and 5,000 branches.
Be mindful of the fees – the Total Checking® account, for example, has a $15 monthly service fee (which can be $0 if requirements are met). To get this fee dropped, you’ll need $500+ a month in qualifying electronic deposits, a $1,500+ daily balance, or a $5,000+ average balance across eligible linked accounts.
Plus, you could incur a $34 overdraft fee if you overdraw by more than $50. The early direct deposit feature gets your money to you up to two days sooner, but you’ll need to pay a $4.95 monthly service fee unless your direct deposits total $250 or more each month.
| Pros | Cons |
|---|---|
| Different accounts and loans available | Monthly account fees |
| Brick-and-mortar locations | Overdraft fees |
| Overdraft protection available | May need to pay $4.95 monthly service fee to use early direct deposit |
Who should consider Chase? Folks who can maintain a high daily balance or qualifying electronic deposits in order to avoid paying monthly account and early direct deposit fees.
How to set up early direct deposit
You usually don’t need to set up early direct deposit; your financial institution will automatically release your paycheck up to two days early if it offers this feature. However, there are steps you can take to switch to a bank with early direct deposit:
- Choose a bank: Pick a financial institution from our list above that offers early direct deposit.
- Get your account info: Find your routing and account numbers in your banking app.
- Update payroll: Submit a direct deposit form to your HR department or update it in your company’s payroll portal.
- Wait for processing: Your first early deposit may take one to two pay cycles.
- Enable notifications: Turn on alerts so you know exactly when your money arrives.
Consider the big picture when choosing an account
Finding an account that offers early direct deposit can boost your day-to-day financial wellbeing. But that’s not the only feature to look for in a checking account. When comparing bank accounts, consider options like monthly fees, access to ATMs, and built-in savings features.
Want to learn more about your banking options? Read about the best online checking accounts.
Frequently asked questions about early direct deposit
Why am I not getting paid two days early?
The timing depends on when your employer submits payroll – if they send it late or close to payday, your bank can’t release funds early. Holidays and weekends can also delay processing.
What time do early direct deposits hit?
There’s no universal time when early direct deposits hit your bank account, but most deposits arrive in the morning hours.
Does early direct deposit work with all employers?
Yes, as long as your employer offers direct deposit – the early access is handled entirely by your bank, so your employer doesn’t need to do anything special.
Is there a fee for early direct deposit?
Most financial institutions, including Chime, offer early direct deposit for free as part of their checking accounts. However, some banks, like Chase, charge a fee unless certain requirements are met.