The Money Mustache Community
Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: billy on July 14, 2019, 09:59:08 AM
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I have Ally Bank for checking and savings with direct deposit from my work paycheck. My paycheck gets deposited the morning of payday and ACH take 3 business days. I like Ally, but other banks are offering direct deposits up to 2 days early, and I heard 3 business days ACH is how Ally's 3rd party makes money on the transaction (1-2 day float). I asked Ally and they said once they receive the money my paycheck is direct deposited and they don't hold the money, but that contradicts what my wife is saying, that her co-workers receive direct deposit 1 day early. I'm wonder if anyone switched from Ally and found a better bank.
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Hello ( my first post) I use ally but my ach goes to another bank (credit union) money market from which I take 80% out on 1st of each month and put that in ally savings.
My ach is showing pending in on day before and is in my account on morning of payday.
I had same experience with ally and also with another online bank (vivo ) so I am sorry I can’t help you but I am looking forward to the reply.
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Regions Bank shows my DD as pending on the 1st but the balance is always available to me even though it is in pending - same with Fifth Third Bank.
NFCU makes DD available early - (2 days ahead I believe).
I think Chase changed their policy recently to make deposits available sooner.
Depends on the bank - you can easily check that yourself on any bank website - it will tell you when your deposits are available, sometimes it depends on the type of checking account you have as well.
I have one local CU that puts a hold of seven days on any of my bank transfers damn their hide:), but they do credit and make my DD available on the 1st.
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I get paid DD into Ally every other Thursday. At 12:01 am Thursday morning funds are available. If I use my phone to deposit a check it takes 2-3 days to be available.