Mobile Banking apps are the latest inventions in the banking industry that bring ease of operation to the banking industry. Different private and government banks are introducing mobile banking apps for customers to track their deposit, withdraw history, and bank balance.
According to a survey, more than 40% of the world adult population is using mobile apps for banking. The usage of mobile banking apps increases by 14% every year. Due to these statistics related to the use of mobile banking apps, the banking industry is currently evolving on optimizing or creating their mobile apps. It is meant for the ease of account holders to operate the banking services efficiently.
Get Paid early with Trusted Banking Apps
Online banking services are taking the banking sector by storm. Unlike conventional banking services, digital banking has a few perks like fast payment and 24/7 customer support.
The best part is that online banking services are becoming more and more secure, so you can rest assured that your data and funds are safe. Due to its increasing popularity over the years, digital banking has progressed into having a new amazing feature; the option to get paid early. While some conventional banks can take up to 5 days to direct money into your account, some online banks can do that two days earlier than that.
But how is that possible? After doing some research, you will find that most digital banks have their own quirks. While some don’t have any ATMs or physical branches, some banks choose to partner with online help. Here are some of the advantages of digital banking.
- You can get direct deposits two days earlier than traditional banks
- Free or low-fee overdrafts
- Free or low-fee accounts
- Competitive APY
- 24/7 customer support
How Banks Process Your Paychecks Early
There are some banks than choose not to usually, banks can process your direct deposits early. Digital banks developed tools to provide early access to funds after they caught onto this trend. To help you understand more, here’s an example to show how digital banks get your paycheck early. The employer who makes the direct deposit when paying their employees has access to bank information like the routing number and account number of the employees. To send the direct deposit, the employer uses the information to create an order of direct deposits. A release date is also set once the batch order is created and the date is when your money can be available in your account.
In other words, if the batch order is made on the 15th, the release date is on the 19th, and that means you don’t have access to the funds until then. However, with digital banks, early direct deposits function by crediting the amount on the batch order created by the employer. So when the employer sends the direct deposit, you can get access to your money immediately, without waiting for the release date. This is usually 2 days earlier than traditional banks.
Early direct deposits are a great choice for you if you want money fast without taking out a payday loan. There are many qualified digital banks that can help you find what you’re looking for.
You can use SoFi to set up direct deposits and get your paycheck about two days early. As soon as the money is deposited into your account, you can pay your bill earlier, invest earlier, save earlier, and do a lot more. According to their experts, one of the benefits of opting for SoFi is “In addition to an early paycheck, members with qualifying direct deposits are eligible for no- fee Overdraft Coverage, our highest APY, plus a $100 cash bonus.”