Chase is now offering its Secure Banking customers access to directly deposited money up to 2 days before the funds officially hit their accounts.
JPMorgan Chase on Wednesday will begin offering certain customers access to directly deposited money up to two days before the funds officially hit their accounts.Chase said it will offer the early-access funds to its 1.4 million Secure Banking customers, whose accounts require no minimum opening deposit and don't charge overdraft fees.
JPMorgan follows financial institutions like Capital One, Fifth Third and a host of digital banks in offering the service.The sooner people can get their money — especially low-income folks like many of those in Chase's Secure Banking program — the better for their finances. "The newer option to have early direct deposit is a positive one for account holders, speeding access to their money as long as there is no added cost to the consumer, or account holder."When banks receive direct deposited funds from a payor, they receive a digital file signaling that the money is coming about two days before it actually hits the customer's account.
"If there is, by any small chance, an issue where the funds reversed, we would not hold the customer accountable."Chase also has a motivation to offer such a service: It provides an incentive to customers to sign up for direct deposit, which is cheaper for the bank to process than physical checks.
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