CareCredit Women's Health May 2024 Banner

WSFS Bank Launches ‘Early Pay’ on Paychecks, Government Benefits

early wage access, disbursements, faster payments

Wilmington, Delaware-based WSFS Bank has launched a new offering that lets customers receive eligible direct deposits from employers and recurring government benefits up to two days early.

There are no costs or fees associated with this new Early Pay offering, the bank serving the Greater Philadelphia and Delaware region said in a Monday (April 15) press release.

“Our customers’ needs continue to evolve over time, and so does WSFS,” Shari Kruzinski, executive vice president and chief consumer banking officer at WSFS Bank, said in the release. “We’re proud to continue offering products and services to help our customers access their funds quicker and tools that make banking easier.”

Customers already enrolled in direct deposit for their paycheck or recurring government benefit like Social Security payments will receive the funds up to two days early when these are connected to their WSFS personal checking, savings or money market accounts, according to the release.

The direct deposit must be to a WSFS Bank personal account, and the direct deposit’s Automated Clearing House (ACH) description must indicate that it is a payroll or recurring government benefit, the release said.

Customers receiving these payments can set up alerts in online banking to be notified when their deposit is available, per the release.

PYMNTS Intelligence has found that a strong and growing share of banks are adopting early wage access, driven by employers who are looking to reduce workforce attrition at a time when three-quarters of employees say they are looking to change jobs.

Early wage access has proven to be a valuable offering for these employers because consumers are looking to improve their financial health while they are living paycheck to paycheck and are being buffeted by inflation, according to “The Rise of Digital and Early Access Compensation,” a PYMNTS Intelligence and Ingo Money collaboration.

Another bank that recently introduced a tool that lets customers get their direct deposits two days early, TD Bank, said the offer of quicker access to funds helps meet the evolving needs of customers.

Similarly, KeyBank, which added a similar offering in August, said early access to direct deposits helps clients thrive and enjoy a more rewarding relationship with the bank.