You have bills due today, but your paycheck isn’t getting deposited just yet.
It’s a longstanding problem many banking customers face. Union Savings Bank, which is based in Danbury and has 25 offices throughout western Connecticut, has launched a new service to help combat this dilemma.
The service, called “Early Payday,” gives the bank’s customers faster access to their paycheck deposits, up to two days faster.
It is free to the bank’s customers who have a personal checking account and direct deposit set up with their employer.
Peter Scotch, senior vice president and director of innovation center, said the new service “comes at a crucial time.”
“Many people are living paycheck to paycheck and want access to their hard-earned money as soon as possible,” Scotch said.
The new service is automatic for all customers with a personal checking account with direct paycheck deposit.
The timing of the availability of paychecks is based on when the bank receives the direct deposit information from a customer’s employer. If this happens prior to the actual payday, the bank will make the money available to customers up to two days beforehand.
The feature may also apply to direct deposits from the government for tax refunds, unemployment benefits, Social Security, military and pension payments, and advance child tax credits, according to the bank.
Contact Michelle Tuccitto Sullo at msullo@newhavenbiz.com.
