The new early direct deposit offering, which is beginning this month, applies to eligible direct deposits such as payroll, tax refunds, government benefits and pensions — categories that cover nearly 90% of Secure Banking direct deposits, Chase said Wednesday (Oct. 19) in a press release.
“Secure Banking customers have told us that early access was one of the most appealing benefits we could offer,” Chase Head of Growth Financial Products Ryan MacDonald said in the press release. “At a time when budgets are stretched thin by competing priorities, this is a compelling option to give households more control over how they manage their financial lives.”
Customers don’t have to enroll for early direct deposit; Secure Banking customers who have direct deposit will automatically receive it. They can sign up for direct deposit alerts that will notify them via text, email or push notifications when their money is available, according to the press release.
“Millions of customers rely on payday to keep up with their bills, so having early access helps them manage unexpected expenses and avoid potential late fees,” Chase Consumer Banking CEO Jennifer Roberts said in the release. “This is another way we are giving customers more value and greater flexibility over their finances.”
PYMNTS research has found that the expectation for low-friction and instant payments has grown during the pandemic for both individual and businesses.
This interest in instant payments is particularly high among millennials and bridge millennials, and while interest is highest for free instant disbursements, many consumers would even be willing to pay to have funds deposited more quickly, according to “Money Mobility: Innovating The Future Of Government Disbursements,” a PYMNTS and Ingo Money collaboration.