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Does a Direct Deposit Automatically Clear in the Bank?

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  • Does a Direct Deposit Automatically Clear in the Bank?

    If you are like millions of Americans today, your weekly, bi-weekly or monthly paycheck from your employer gets direct-deposited into your checking account each month.

    For those new to this form of deposit, this refers to your check going right into your account, rather than being issued to you in the form of a paper check.

    The advantages of direct deposit are:

    1. There is no charge for setting it up.

    2. You do not need to make a regular trip to the bank to deposit your check - saving you precious time that you can better devote to other things.

    3. It is automatic - there is nothing you need to do to activate the deposit action. Instead, when the specified date arrives, the proper amount is just automatically deposited into your account.

    4. For your records, you will still receive a paper or online statement from your employer stating the transaction date and amount of payment. This step ensures you are never in the dark about the payment amount, which might fluctuate from payment to payment depending upon how your salary, commissions and/or bonuses are calculated.

    You may be wondering, "Does a direct deposit automatically clear in the bank?" The answer is: it should, but it depends upon your bank.

    Technically, if your deposit is scheduled to be made on, for example, a Thursday, then your bank account should reflect it the next business day (Friday, in this case). However, most employers set up the timing of their employees' direct deposits so that the money is available in the employees' accounts the morning of the direct deposit, rather than the next day.

    If your bank is taking longer than 24 hours to clear your direct deposit, here is some advice. First, make sure that you have your facts straight: in other words, make sure you have the date correct. If the date is correct, you should contact your bank and ask to arrange for them to expedite the speed at which your direct deposit clears. If they won't agree, consider switching banks to one that will.

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