How come my direct deposit goes through faster than my friend/roomates most of the time ?

She was telling me last night her payday for 1 of her 3 jobs is Wednesday and her money always gets deposited into her account (via direct deposit) on the same day but early in the morning.





How come where I work our payday is Friday and most of the time I get my money on Thursday ? Sometimes its Friday, but that is rare.|||Because this stuff is done electronically and it all depends on when your employer initiates the payroll and then it's up to the bank to decide when to post the pincoming payroll to the proper accounts. Each employer is different and each finincial instituion handels payroll differently. Please refer to my blog http://honestbanker.blogspot.com for more info Finance.|||Each employer pays differently.





The way that direct deposit works is funds from your employers banking institution are electronically transmitted from their account to yours, (usually) through ACH (Automated Clearing House).





When your banking institution receives the payroll information your employer has designated a specific day/date that the money can enter your account to PAY items.





Your financial institution cannot put that money into your account sooner or later than the date specified by your employer.





You said that sometimes your pay goes in on Thursday but sometimes Friday.





You will want to check and see what the POSTED DATE of your payroll is, While the money may appear to be in your account on Thursday night, it may not be available to PAY ITEMS that night. It may actually be available Friday morning (banks will post these direct deposits in the morning because they are guaranteed funds).





So, check the posting date of your deposits to make sure you don't get fees in your account!|||It is one of two things. First, it could be when the company is sending the information to the bank. If you both use the same bank, this is most likely the case.





The second item is that when a company sends the information to the bank for direct deposit it includes a date, which is your respective paydays. The receiving bank (your bank and your roommate's bank) must make the money available to you no later than that date.





Some banks will go ahead and process the file as soon as they receive it, while others will hold the money until the date indicated. If it is a sizable amount the banks can earn interest (even in just one day) if the payroll is rather large.|||You two might be banking at different financial institutions or the payroll department that runs your payroll is submitted more days in advance than hers. Here are some examples:





You are paid on the 15th and 30th of the month, so is she. (Lets just say) Her payroll department submits the NACHA file to the bank 2 days or 48 hours before the amounts are to be paid. On the 15th and 30th at midnight, the money is in the account.





Your payroll department on the other hand submits the file a 3 to 4 days earlier to the bank with the same settlement date (15th or 30th).


Your money, by the banks descrition or policy, may release the funds to you sooner because they may only hold the ACH up to 48 hours.|||Generally it depends on the bank-they love to hold the money as long as theycan. It can also depend on the Payroll service- they also "hold" money for a day or two!





You should also get faster (sooner) deposits, if your account is held in the same bank as your employer's funds are drawn from. This is because, they do not hold the funds, awaiting account/balance verification of the employer.





Hope that this helps!|||is your account a credit union? they usually deposit a day early - maybe some banks just deposit it as soon as they get it - they aren't SUPPOSED to, but they obviously do|||Base on my experience, it just depends on your bank on how fast they can deposit the money.|||sounds like your payroll department is paying you one day faster than they have to. There will be a time when the Controller finds out and stops that.