Do You Get Paid Early With Current?
Understand how a financial platform offers early access to your paycheck. Get insights into setup and timing.
Early access to funds is a feature offered by various financial technology companies. This service allows individuals to receive their paychecks or other eligible direct deposits sooner than the traditional bank settlement date, providing quicker access to earned money before the official payday.
How Early Payday Functions with Current
Current provides early access to direct deposits by making funds available as soon as the employer’s payroll provider sends payment information. This process, through the Automated Clearing House (ACH) network, allows Current to anticipate incoming funds. Unlike many traditional financial institutions that hold onto funds until the designated payday, Current credits the account immediately upon receiving this early data. This mechanism enables users to potentially receive their pay up to two days earlier than their scheduled payday.
The ability for Current to release funds early hinges on the timing of the employer’s payroll submission. Employers typically transmit payroll files to the Federal Reserve one to two days before the actual payday. Once Current receives this information, it can then make the funds accessible to the account holder.
Setting Up Direct Deposit for Early Access
To enable early access to your paycheck with Current, you must set up direct deposit with your employer. This process involves providing your employer with Current’s specific routing and account numbers. You can easily locate your routing and account numbers within the Current app by navigating to the “Account” section and then selecting “Account & Routing.”
Some employers may require a voided check for direct deposit setup, which can also be generated within the Current app. Once your employer processes this information, the early access feature is automatically applied to qualifying direct deposits. Direct deposit might take up to two pay cycles to fully take effect with your employer’s payroll system.
Considerations for Early Payday
The “up to two days early” benefit is contingent on when the payer, such as your employer or a government agency, submits the payment file. The exact timing can vary and is not always precisely two days early. Bank holidays and weekends can also influence when funds become available, as the ACH network typically does not process transactions on these days. If a scheduled payday falls on a weekend or holiday, employers often initiate payments on the preceding business day, which can affect the early deposit window.
Not all types of deposits qualify for early access. The early payday feature generally applies to eligible direct deposits, such as payroll from an employer or government benefits. Person-to-person transfers, mobile deposits, or other types of electronic transfers are typically not eligible for this accelerated availability. Accessing funds sooner can offer advantages for personal financial management, such as helping to avoid late fees on bills or managing unexpected expenses.