Early Payday is free for customers with a USB personal checking account and direct deposit.
Danbury, CT (October 13, 2021) – “Early Payday,” a new service that provides customers quicker access to their paycheck deposits – up to two days early – is now available from Union Savings Bank (USB), announced Peter Scotch, SVP, Director of Innovation Center. The service is free to USB customers that have a USB personal checking account and direct deposit set up with their employer.
“Our Early Payday program comes at a crucial time when many people are living paycheck-to-paycheck and want access to their hard-earned money as soon as possible,” said Scotch. “This is yet another solution we’re offering as part of our mission to offer the best customer experience in the market and be responsive to the needs of those banking with us.”
To enroll in Early Payday, customers simply open any USB personal checking account and set up direct deposit with their employers. These customers will then receive their paychecks up to two days early as an automatic feature. For customers that already have a USB personal checking account with direct deposit, no action is necessary; the feature is automatic.
Early availability of paychecks is based on when USB receives the direct deposit information from the customer’s employer. If it is prior to payday, USB will make the money available to customers up to two days early.
Scotch explained that since early access to payroll funds depends on when payroll details are received by USB, it’s important for customers to monitor their accounts to make sure their direct deposits are in the account before they spend the funds.
Early Payday may also apply to direct deposits of government payments like a tax refund, unemployment benefits, Social Security, military and pension payments, and Advance Child Tax Credits. The timing of these credits once again depends on when USB receives the direct deposit information, in this case from the federal government.
Early Payday is one of the capabilities and enhancements USB has been investing in to maximize ease-of-use for customers. Others include contactless debit card technology, instant issuance/digital instant issuance of debit cards, and voice ID.
For more information, please visit Early Payday and connect with the bank on LinkedIn.
About Union Savings Bank
Established in 1866 and headquartered in Danbury, Conn., Union Savings Bank is a $3.0 billion mutual bank dedicated to being the bank of choice. As a full-service financial institution, Union Savings Bank provides banking, mortgage, investment, trust and insurance products throughout western Connecticut with 25 offices in Bethel, Brookfield, Canton, Danbury, Goshen, Kent, Litchfield, Marble Dale, Monroe, New Fairfield, New Milford, Newtown, Ridgefield, Roxbury, Southbury, Torrington and Washington Depot. The bank provides financial services to individuals, businesses, not-for-profit organizations, and government entities through its commercial, residential and consumer lending, corporate services, retail banking and wealth management divisions. Please visit www.unionsavings.com for more information. Member FDIC. Equal Housing Lender.
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