Chase Direct Deposit Times 2021: Is Direct Deposit Safe?

Even with all of the financial tech available at your fingertips, like online banking and mobile apps, it can still be a drag to figure out how to deposit a check these days.

Whether it’s trying to take a not-so-blurry photo to submit to the bank pending review, or attempting to get to an actual branch before closing, these hassles are easily avoided by signing up for direct deposit.

What Is Direct Deposit?

The direct deposit occurs when an employer, government agency, or other party provides instructions for their financial institution to digitally deposit funds directly into your bank account on a specific date.

Direct deposit eliminates the paper check and the need to make a trip to the bank to deposit funds. Once the funds hit your bank account, they are available to you.

To set up direct deposit, your employer or other payers will ask you to enroll in direct deposit, which usually involves filling out a direct deposit form and providing your bank name and address and your account number and routing number.

You may also be asked to provide a voided check.

How Long Does it Take for Direct Deposit to Post?

Some employers decide to pay on a monthly, biweekly, or weekly pay schedule. Your employer’s pay frequency will determine when they have to submit payroll, which affects when employees will get their direct deposit.

Most employers have the option to submit their payroll a few days before payday. If your paycheck date falls on a non-banking day, such as a holiday, sometimes you’ll get your pay a day early.

But employers might also try to get payroll done early in the event of a bank holiday so that you still receive your direct deposit on time.

To learn the exact time a direct deposit will post to your account, you can contact your bank directly, or watch to see what time of day the first few direct deposits come into your account.

Another perk of direct deposit is that it can help you reach your long-term financial goals and savings, too.

Instead of just listing one account when you sign up for your direct deposit, you could list two—for instance, a checking and savings account.

This way, you get to designate a set amount of money to move into your savings account automatically, while leaving what you know you’ll need in checking for bills and smaller payments.

This can also help if you have specific upcoming savings goals, such as debt payoff or an upcoming vacation that you want to make sure you save for.

However, keep in mind that a checking account with a traditional bank might not be the best place to keep your money if you want it to grow.

The average checking account interest rate is 0.06, meaning your money will not be able to grow quickly, even if you do split up your direct deposit into your checking and savings accounts.

Read Also: Chase Bank Personal Loan: Best Alternative Lenders

Direct Deposit Times at Chase Bank

When will you receive credit for the direct deposit at Chase Bank? Our researcher’s discussion with the financial institution revealed that they post the direct deposits between 3am and 5am (EST).

You can learn more information about direct deposits at Chase Bank by going over to their website, by calling them or stopping by a nearby branch in person.

What Are the Benefits of Direct Deposit?

Direct deposit offers many benefits:

• You won’t have to worry about your check getting lost, stolen, or damaged.
• You won’t have to make constant trips to the bank to deposit your check.
• No need to visit your place of employment to pick up your check or wait for it to arrive in the mail.
• You have control over where your paycheck goes. You can even divide the funds into multiple accounts if you wish.
• Get immediate access to your money as soon as it hits your account.

Is Direct Deposit Safe?

Safety is a common concern with direct deposit. But this method of payment is generally safer than being paid via check. That’s because paper checks can be lost or stolen, and it’s possible for someone to fraudulently cash a check not made out to them.

If you do lose a paper check, the issuer will often charge you a fee to reissue it. If your check is stolen, the process to get your payer to issue a stop payment is onerous and expensive.

Direct deposit does not have any of these potential safety issues. Since the money transfers automatically from the payer’s account to your account, it cannot be lost or stolen.

In fact, the Social Security Agency brags that not a single payment via direct deposit has been lost since 1976 when beneficiaries were first offered the option to receive direct deposit.

Ultimately, the biggest potential safety issue with a direct deposit occurs when you are setting it up. Making certain that your bank account information goes to the correct party in an organization you trust—via a secure channel—can help ensure the safety of your direct deposit.

Final Word

Direct deposit offers you so many advantages over traditional check depositing. You gain the security and safety it features along with convenience and immediate access to funds.

Chase makes it a point to put the money in your account from 3am to 5am on the day it arrives before you even get up for breakfast. It does not get more convenient than that.

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