Curious thing about April's Social Security Direct Deposit

[CaptTom]

I've noticed a couple of banks advertising this "early payment" thing. I've had my paycheck, then pension, deposited in the same bank for several decades. This is new in the past year or less.

I suppose over time it adds a few pennies in interest. I'm sure it's helpful for anyone living close to the financial edge. It might save someone from bouncing a check, or getting a late fee on some bill.

It makes sense. The bank knows the money is coming. In the past, banks have done downright dishonest things like not posting deposits until the end of the day, allowing checks received earlier that day to bounce so they could charge overdraft fees.

 

[wmc1000]

Discover Bank here and we have been getting them on Monday or even the Friday before if Monday is a bank holiday for over a year now!

 

[Lakedog]

With my CU, typically receive SS deposits a couple of days early (usually Monday or the Friday before).

 

[pacergal]

Ours will sometimes show up the Tuesday evening prior, but not often. No rhyme or reason as far as which month that will happen. As long as I can log into my bank on the correct Wednesday and see it there, no worries!

 

[homestead]

Ours usually show up Tuesday evening at 9PM PST, probably when it turns Wednesday on the east coast. Some times we get it a day early but don't know why.

 

[Turbo29]

I read (can't recall where) that it is sent to arrive on Monday at all the banks. Some choose to make it available early and some "hide" it and earn a bit on the cash for two days. I imagine the amount of that float is huge at a bank like Chase (where I send mine; they don't show it until Wed. morning).