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.
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.