This blog is for informational purposes only and not an offer of any specific account or service. For current details on our checking accounts, including terms and fees, please visit midflorida.com or speak with a representative. Account features and conditions may change. Membership eligibility required.

Anyone who’s had their paycheck directly deposited into their account knows about the benefits. It’s much more convenient than cashing a check, not to mention safer.

Direct deposit is also automatic, so you never have to worry about forgetting to cash your paycheck and making a mad dash to the bank before it closes.

Lately, though, many credit unions—including MIDFLORIDA Credit Union—offer a new benefit for people who use direct deposit: the early paycheck.

The ability to get your paycheck a couple of days early has the potential to be a financial game-changer for credit union members everywhere.

Start your account application with MIDFLORIDA.

What is an early paycheck?

As we mentioned, an early paycheck is just that—getting your paycheck a couple of days earlier than scheduled.

In other words, if you usually get your paycheck deposited to your checking account on Friday, you will get it on Wednesday.

How do early paychecks work?

How can banks just give you the money in your paycheck two days early? To explain that, you must know how direct deposit works.

How direct deposit works

1. When you sign up for direct deposit, you provide your employer with your credit union or bank’s routing number and the account number into which you’d like your money deposited.
2. This information, including the deposit instructions and payment amount for every employee, is incorporated into your employer's payroll.
3. Your employer then sends the payroll information to the third party that financial institutions use to process paychecks and direct payments. They also provide a processing date.
4. When the payroll date comes due, the third party simply withdraws the funds from your employer’s account and distributes that money to the employees.

How financial institutions get your paycheck early

When an employer submits its payroll, the credit unions and banks of the employees get a notification.

The financial institutions that offer early paychecks simply make the payroll funds available to their members as soon as they get that notification.

What are the benefits of getting an early paycheck?

You might wonder why getting a paycheck two days early is so beneficial, and it’s a fair question. Who cares when you get your paycheck so long as you’re getting it regularly?

The truth is that getting a paycheck early has many benefits, especially if you’re tight on money.

Early paychecks reduce late payments

Getting your payment a couple of days early could help you pay off a bill earlier than you might normally be able to. This could help you pay your bills on time, which will help you avoid paying late fees. This can also help you build your credit history!

Early paychecks give you more time for banking

Getting your paycheck two days early can also give you two more business days. That means more time to process payments, send money with P2P apps, and ensure that your finances are in order by the time the weekend arrives.

As a bonus, having two extra business days to do your banking also means you’ll approach the weekend with more peace of mind. You won’t have to worry about whether your payments have gone or how much money you have left for the weekend.

Early paychecks take away your reliance on predatory loans

If you struggle to pay your bills on time, you may be vulnerable to predatory loans. Getting your paycheck two days earlier can give you the breathing room to avoid going to those institutions and getting caught in a web of high interest and refinancing.

Early paychecks help you cope with emergencies

Nothing drains your bank account like an emergency. Even if you have an emergency fund, you can find it emptied fast if you get into a car accident or go to the emergency room. If that happens, you can quickly find yourself needing more money.

In cases like these, the sooner you get your paycheck, the better off you’ll be.

Even two days can give you money you can use to help pay off your emergency expenses sooner. That can mean having less debt you need to pay off, less interest that your debt incurs, and less stress on you overall.

What do you have to do to get an early paycheck?

To take advantage of the early paycheck benefits, talk with a teller at your bank or credit union about what you have to do and whether or not they charge a fee for the service.

At MIDFLORIDA, we make it easy for our members to enroll in Early Paycheck benefits.

Simply open a Free Checking Account at MIDFLORIDA, or any other MIDFLORIDA checking account, and you’ll automatically be enrolled to receive your paycheck early. No fees or additional sign-up are necessary.

With our Free Online Banking, you’ll know the exact moment your paycheck is deposited.

Take advantage of Early Paycheck with MIDFLORIDA

The benefit of Early Paychecks should not be taken lightly. By getting your paycheck early, you’re much more likely to pay bills on time, have more time to do your banking and be less vulnerable to predatory loans.

With Free Early Paychecks, rewards, and other benefits, opening a new checking account with MIDFLORIDA pays off (literally).

Free Checking Account benefits include:

• $200 cash bonus¹
• Free Early Paycheck
• Instant-issue debit card
• Free rewards
• No monthly fees
• No minimum balance

If you’d like to experience the benefits of Early Paycheck, apply with MIDFLORIDA today.

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1Offer valid as of July 15, 2024, and may be canceled at any time. MIDFLORIDA Credit Union membership and eligibility requirements apply. See associate for details regarding fees and terms. To qualify for the $200 incentive, you must open a new Free Checking account with direct deposit ($500 cumulative which must post within 60 days of account opening); accept and open online banking, online bill payment, eStatement, and a debit card; and complete 5 debit card purchase transactions in one calendar month (to be completed within the first 60 days of account opening). No dividends are paid on Free Checking. Annual Percentage Yield is 0.00%. Limit one incentive per Social Security number. Past checking account holders and previous recipients of checking account incentives are ineligible. The incentive will be deposited to new Free Checking account after the qualifications have been met, and will be reported to the IRS. Minimum to open Free Checking is $50.