How does early direct deposit work with Current?

With Current, waiting for payday is a thing of the past. We know life and bills don’t wait, so why should you? That’s why we offer early direct deposit—giving you access to your paycheck up to two days before it would normally hit your account at a traditional bank. No more stress, no more delays, just your money, faster.

Here’s how we do it: As soon as we receive your employer’s payroll information of how much you should be paid and when, we credit your account with the funds instead of waiting until the specified date. No “float,” no drawn-out waiting period—just fast, seamless access to your cash. Early direct deposit is available for every Current member who receives direct deposit on our platform without fees.

There are a few ways you can sign up for early direct deposit on Current to get your paycheck faster (they’re quick and simple!):

• Download the Current app—it only takes a couple of minutes to sign up.
• Go to your account tab (the far right tab on the bottom) - Select ‘Direct Deposit’
• From there, select ‘Find your employer’ - You will see a list of employers. If your employer is listed, select your employer, follow the next questions and your direct deposit switch will be initiated. There is nothing else for you to do!
• If your employer is NOT listed, you can still do this manually:
  • From the ‘Find your employer’ window, scroll down to the bottom and click on the button ‘Can’t find your employer? Switch your payroll manually’
  • From the next screen you will see several options/ways to switch your payroll manually. Choose the one that works best for you!

That’s it. Once your employer processes the change, your future paychecks will then arrive up to two days faster!

You then will receive an email confirming when your direct deposit arrives every time. Early direct deposit is a game-changing feature that is reshaping how millions manage their finances. Instead of waiting for a traditional payday, early direct deposit can get money into your account days sooner. This means less stress and more control over your cash flow.

How exactly do we do it? Here’s everything you need to know about early direct deposit and how Current helps you unlock your paycheck up to two days faster.

How does the traditional payday process work?

To understand how you can get paid early, you first need to understand what happens during a standard payday cycle. It’s a bit of a relay race involving your employer, a payroll provider, the Federal Reserve, and your banking services provider.

Here is the typical timeline:

1. Payroll Submission: Your employer submits payroll files to the Federal Reserve with the details of how much and when each employee should be paid. 
2. The ACH Network: This file is sent through the Automated Clearing House (ACH) network. Think of this as the digital highway for moving money between banks in the United States.
3. The Waiting Period: The Federal Reserve then sends that information to your banking services provider, notifying them how much money is coming and when it should be deposited.
4. The "Float": This is where the delay happens. Traditional banks receive this notification and do not credit the funds to your account until the employer-specified settlement date. 

How getting your payroll is different on Current

Unlike traditional financial institutions, Current does not wait until the specified settlement date to credit your payroll funds to your account. As soon as we receive the notification from the Federal Reserve that the funds are coming, we credit them to your account.

We are making sure you get access to your hard-earned cash as soon as possible and it is one reason why Current is the best place for your paycheck. Here are a few other benefits you may qualify for to when you receive an eligible payroll on Current (besides just getting it faster):

• Access up to $750 of an upcoming paycheck in advance (once you qualify), without any mandatory fees
• Access to fee-free overdraft protection, providing an extra cushion when you need it
• Ability to build your credit history as you make monthly payments on your everyday purchases
• Saving boosts up to 4.00% on the money in your Savings Pods (grow your paycheck faster!)
• No mandatory annual or monthly account fees

Why "up to two days" early?

You will often see the phrase "up to two days early." Why is it "up to" and not always exactly two days?

This timing depends entirely on your employer. Since early direct deposit is triggered by the submission of the payroll file, the timing relies on when your company’s payroll team submits the information.

The Benefits of Getting Paid Faster

Why does getting your money up to two days faster matter? It might seem like a small window, but it can have a major impact.

Reduce chances of being late on bill or housing payments

With paydays very often being on Fridays, there is no guarantee it will align with when your bills are due. Getting your money up to two days faster can mean the difference in paying your bill on time, avoiding late fees and/or having the cash to buy essentials you may be running low on. 

Reduce financial stress

Those two extra days of waiting can be the difference between buying groceries comfortably or scrambling to find loose change. Getting paid early creates a buffer. It gives you breathing room.

Avoid late fees

When you have access to your money up to two days early, you may decrease the odds of having to pay a late fee because when you get paid did not align with when your bills were due.

Improved cash flow

When you have faster access to your funds, you have more options. You can fuel up your car when gas prices dip mid-week rather than waiting for the weekend spike. You can take advantage of limited-time sales. Having more liquidity can give you more flexibility.

Take control of your finances today

The days of waiting for Friday paydays are over. Your financial future shouldn't be on hold because of slow money movement through the banking system.

Early direct deposit is more than just a convenience; it’s a tool for empowerment. It puts you in the driver's seat of your cash flow, helping you avoid fees, reduce stress, and live life on your own terms.

Why wait for what’s already yours?