If you get your job to do direct deposit - will the money come faster than a cheque?
I think a check arrives in 2-6 days
Would direct deposit arrive in 12 - 24 hours?
- InLv 71 month agoFavorite Answer
If you were paid by cheque you would still have to take it to the bank and then wait for it to credit to your account. If you are paid on Friday and miss depositing the cheque during your lunch break then you will not have the money until Monday, but if you had it direct deposited it would be in your account at midnight thursday.
- JudyLv 71 month ago
If they MAIL your check, yes. Many employers hand it to you at work.
- STEVEN FLv 71 month ago
The funds should reach your account on payday. Under US law, direct deposits must be available for use the same business day.
If you receive a paper check, you have to actually deposit the check and the bank can place a hold until the funds are actually collected.
The last job I had that paid by check required me to pick it up sometime after 10:00am on payday. 2 - 6 days would be if they mail the check. Either that or you are not allowing for the fact payday is usually about 6 days after the end of the pay week covered by the 'check'. They use that time to process the hours and actually generate the payments.
- Pat WoodenLv 71 month ago
Yes, in fact the money may be your account even before payday, and cheques have a waiting time before the money is available.
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- DON WLv 71 month ago
One of the reason that most employees like direct deposit is that they have access to their money faster and more reliably. With direct deposit, it should be available on your official payday (sometimes a day or two before). If you wait for a paper check, it can be several days to get it in the mail or at your workplace, and then you need to take it to a bank or a place where you can cash it.
Most businesses like it too--less handling of paper, and fewer complaints of lost checks.
- Anonymous1 month ago
Its quicker for sure. But not on weekends or holidays.
- MichaelLv 71 month ago
Direct deposit will show up in your account on payday. A check will show up in your account on payday + however long it takes you to deposit it.