# Direct Deposit - When does it happen?



## Micheal

Because of some (OK maybe a lot) procrastination we have 3 different accounts in 3 different banks with direct deposits going into them on a monthly basis. I personally look at it as spreading the wealth - what little there is! :hysterical:ound::hysterical:
Anyway:
Bank A (small local bank) credits the account at midnight (well, maybe one second after) of that day it's due. :goodjob:
Bank B (regional bank) credits the account sometime between midnight and 5AM of that day. :happy: Never been able to find a "right" time. OK I've never stayed awake  nor been interested enough to really pay attention to it :bored:......
Bank C (credit union) credits the account at 8AM of the due day even though it will list the direct deposit as action pending days before. :hrm:

Sooo, any idea of when your bank credits your account?????? :kung:


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## MDKatie

I'm not sure if you mean direct deposits like paychecks, or regular deposits when you put money in the bank. My direct deposit paycheck gets credited to my account at 12:00 AM on the day we get paid (today is payday, yay!). For other deposits, as soon as we deposit it we have access to that money in our account right away.


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## Ramblin Wreck

Mine hits on the first day of the month, but I cannot tell the exact time. It's almost always there in the morning when I check balances for the day. I try to check my account balances every day, just in case some mysterious debit appears out of no where.


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## mekasmom

They credit to the acct at midnight on the morning of the day they are to come in. 
Perhaps your credit union is one of those crooked places that holds deposits a few days before you can access them? I know some banks do, but we won't go to one of those because it is crooked. Some people have to deposit their paychecks and wait a few days before they actually have access to the money.


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## MDKatie

mekasmom said:


> They credit to the acct at midnight on the morning of the day they are to come in.
> Perhaps your credit union is one of those crooked places that holds deposits a few days before you can access them? I know some banks do, but we won't go to one of those because it is crooked. Some people have to deposit their paychecks and wait a few days before they actually have access to the money.


Yes!! My old bank used to do that!! I'd deposit my paychecks Friday, and I was finally credited my money on Monday AFTER they took out all the withdrawals!!! I hated that! After I bounced a few things, I switched banks and have never had a problem since! I HAD the money, they just did it bass ackwards!


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## Shrek

Direct deposits vary from bank to bank depending on when they post updates. Some banks update at 1 a.m. while others may update at 8 a.m.

Combine that with some programs or businesses that guarantee to make direct deposits no later than 5pm on whatever date and you may not be able to have access to direct deposits for 3 days if the deposit happens on a Friday and bank is closed on Saturday.

I worked with a guy who banked at a bank that closed at 5 pm Friday and was not open on Saturday and updated accounts at 8 am. Our employer didn't deposit his pay until 5 pm on Friday so he didn't have his pay available until the following Monday when his bank updated his account.


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## Micheal

mekasmom said:


> Perhaps your credit union is one of those crooked places that holds deposits a few days before you can access them?


The "direct" deposit is the wife's SS so I'd doubt that there is anything underhanded going on..... Like Shrek mentioned it's when the bank posts the activity - or when the fed (SS) actually releases the funds.


> Some people have to deposit their paychecks and wait a few days before they actually have access to the money.


If'n I remember correctly - Banking rules (the law) states that "local check" amounts can be held for 24 hours, out of area (not local) can take up to 3 days to clear, but cash is available as soon as deposited. So dependent on bank policy they can allow access to the funds earlier then the law allows but can follow the rules to the letter if they so choose.

I just found it sorta funny as to 3 local, but different accounts all have different policies and how they follow the "law"......


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