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The Benefits of Getting Paid Sooner with Accelerate

The Benefits of Getting Paid Sooner with Accelerate

Money Management
SouthEast Bank| January 18, 2022
The Benefits of Getting Paid Sooner with Accelerate

The Benefits of Getting Paid Sooner with Accelerate

If you’re like most people, you’re not receiving many paper checks from your employer. Let’s face it, direct deposit is easier for everyone. In fact, according to payroll research by B2B Reviews, direct deposit is how 95.2% of employees are paid these days.

So, the question is not necessarily how you’re getting paid but when.

The best bank options offer checking accounts with early direct deposit benefits, such as Accelerate from SouthEast Bank. Let’s get into what these benefits look like and what you can expect from using a checking account that includes it.

What Is Early Direct Deposit? 

Trends in payroll and payments have evolved quickly. Taking your paper check to the bank to deposit or cash is still an option, however many banks now offer mobile deposit, preferred by those who need extra flexibility. With this tool, employees can choose when and where to capture and upload their paycheck information, even when they’re on-the-go, often enjoying their deposit faster as a result.

With these advances in mobile banking, more and more employers are choosing to use some of the same efficiencies, collecting employees’ preferred account information and transferring funds via electronic network between banks. This “direct deposit” has become more convenient than paper checks and allows everyone involved to move (and use) their money faster. 

Features like SouthEast Bank’s Accelerate take it a step further and give users quicker access to direct deposit funds. It’s a service the bank provides to deposit your funds the day they are informed of the incoming payment. When you sign up for a checking account that offers Accelerate, you can tap into your funds up to three days sooner.*

5 Benefits of Early Direct Deposit 

Getting paid early sounds pretty good, doesn’t it? Plus, there are some benefits to a checking account with early direct deposit features you may not have considered: 

1. You Don’t Have to Worry About Mail Delays

Unfortunately, snail mail isn’t always reliable. On-time delivery rates have continued to decline year-over-year, including first-class mail. If your paycheck is one of the thousands of pieces of mail that get delayed, you might not have the money you need to pay your bills. 

Early direct deposit can help eliminate that problem. Your money is deposited directly into your checking account, so you don’t have to worry about unexpected mail delays.

2. You Can Avoid Costly Payday Loans

Millions of Americans live paycheck to paycheck. In fact, current surveys place 70% or more Americans into this category, meaning that it would be quite difficult to meet their financial obligations if their paycheck were delayed for days or a week. 

If your paycheck is delayed in the mail or your employer forgets to process payroll, you may have to turn to alternative methods to pay rent or your electric bill. When you need money fast, that can mean turning to expensive options like payday loans. According to Investopedia, payday loans are short-term loans that can have fees that equate to an annual percentage rate of 400%. With such a high rate, payday loans can lead you into debt. 

By getting your paycheck deposited into your bank account — and getting it up to three days early — you can pay your bills on time and avoid costly payday loans. 

3. You Can Plan Ahead

Getting early access to your paycheck helps to put your upcoming bills or expenses into perspective. You can weigh your income with the other funds you have available and plan where to spend (on a dinner out with friends, or on additional principal toward your mortgage) and where to cut back.

Many online banking platforms or mobile apps offer money management tools to help track spending and budget your income. This is yet another reason to lean on the digital resources available to you as a banking customer!

4. Your Money Is Deposited Faster

Employees paid by check have to submit a mobile deposit or drive to a physical location to cash them. In many cases, that means waiting to receive your funds until the check clears or when you can next make a trip to the bank.

With direct deposit, there’s no need to spend time or gas; the money is delivered promptly to your bank and you can view your balance or transfer funds right away. 

5. You Can Automate Your Savings

By signing up for direct deposit and Accelerate, you can start planning for your future financial goals. Whether you want to build an emergency fund, save for a down payment on a house, or tuck money away for a dream vacation, you can quickly and easily transfer money into your savings accounts. You can also automate withdrawals to your savings instead of having to transfer cash manually. 

Automating your savings can help you save more money over time, since the money is automatically transferred before you can spend it or allocate it to other needs. And, if you take advantage of high-yield savings accounts, your money can grow faster. 

Choose a Bank That Offers Early Direct Deposit

If you’re researching the best banks for checking accounts and early direct deposit, don’t skip SouthEast Bank. Our Accelerate service is available with all Rewards and Thrive checking accounts.

SouthEast Bank customers can also take advantage of digital banking features like automatic bill pay, person-to-person money transfers, and budgeting tools, as well as receive in-person assistance at any SouthEast Bank location.

What’s not to love about getting your money faster?


*The payer has until the posting date to retract the payment. If the payment is retracted, SouthEast Bank will debit the account.

Note: Links to other websites or references to services or applications are provided as a convenience only. A link does not imply SouthEast Bank’s sponsorship or approval of any other site, service or applications. SouthEast Bank does not control the content of these sites, services or applications.

Information contained in this blog is for educational and informational purposes only. Nothing contained in this blog should be construed as legal or tax advice. An attorney or tax advisor should be consulted for advice on specific issues.