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Key takeaways
- Many online banks allow you to access your direct deposit paycheck or government benefits early. They eliminate the waiting period imposed by traditional banks.
- Zelle allows users to send and receive money in minutes directly between bank accounts, eliminating the intermediary processing time.
- Peer-to-peer payment apps are a convenient and often instantaneous way to send money to friends, family, or businesses. These apps can be linked to bank accounts or credit cards for easy access to funds.
Technology has changed the way we do just about everything including getting paid. It used to be that you’d be given cash and have the money in your hands immediately, but who gets paid in cash anymore? Most people are paid by online transfers which take time to reach your bank account. Even direct deposits can still take a few days. If you have savings, the wait isn’t a big deal. But not everyone has that cushion. If you need your paycheck urgently, those few days can mean overdrafts and late fees.
Fortunately, banks, fintech companies, and other financial institutions have risen to the challenge, providing solutions to get you your money faster. Here are three methods that’ll put funds into your bank account instantly.
1. Get Early Direct Deposit
More and more banks and credit unions are offering early direct deposits. You no longer have to wait until the day after payday to access your money. Instead, you can get your paycheck up to two days early. How does this work? Most employers submit payroll information to banks up to two days before payday. With early direct deposit, banks will send the money into your account early knowing that it’s coming. There’s no guarantee you’ll get it because early direct deposit depends on your employer, but generally, it works and you’ll get paid early.
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2. Use Zelle for Instant Transfers
Need to get paid by friends, family, or acquaintances, or want to transfer money instantly between banks? Zelle is your answer. This digital payment network was established in 2017 by seven of the largest U.S. banks and is used by over 1,800 financial institutions. You can transfer money between accounts within seconds for free. It’s almost like handing cash to someone, but digitally. All you need is an email address or phone number. You can use Zelle through your bank’s mobile app or its own stand-alone app connected to your debit card.
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3. Cash Out Instantly on P2P Apps
Peer-to-peer (P2P) apps, such as Venmo, Cash App, Apple Cash, Google Pay, and PayPal, allow users to send and receive money digitally. The money you receive will stay in an in-app balance and is inaccessible outside the app (unless you use one of their debit cards.) You can transfer the money to your bank account for free but it will take 1 to 3 business days. Or you can choose the instant cash-out feature and get the money in your account within 30 min for a fee. The exact fee depends on the app but it ranges from 0.5% to 1.75% of the amount transferred. This feature lets you quickly cash out for a small fee instead of having to wait days to get paid. Many businesses and individuals now use P2P apps, making it easier than ever to send and receive money.
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Final Thoughts
Thanks to modern technology, there are more options than ever to get your money faster. Whether you need your paycheck or funds from a friend, you can get the money you need instantly with early direct deposits, Zelle, and instant cash-out features of P2P apps. With these tools at your disposal, there’s no need to let traditional banking wait times slow you down.
