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No Hold Bank (NHB)
Some banks may offer the option for early direct deposits, allowing customers to receive their paychecks or government benefits a day or two before they anticipate a deposit. We call these No Hold Banks (NHB). However, it’s important to note that early direct deposit policies can vary by bank and may depend on the type of payment being deposited. NHB is an acronym we coined for a short way to describe banks when talking about tax refunds.
Some banks known for offering early direct deposit services include the following, but there are many more:
- Chime: Chime is an online banking platform that is known for its “Get Paid Early” feature, which allows eligible customers to receive direct deposits up to two days earlier.
- Varo Bank: Varo Bank provides a feature called “Varo Advance” that allows eligible customers to receive their paycheck up to two days early.
- Ally Bank: Ally Bank may make direct deposits available up to two days early, but the timing can depend on the payer.
- Netspend: Netspend is a prepaid card provider that allows users to get their paychecks up to two days faster with direct deposit.
- Green Dot Bank: Green Dot’s “ASAP Direct Deposit” feature allows eligible customers to receive their direct deposits up to two days before the scheduled payday.
See more NHBs
It’s important to check with your specific bank to understand its policies regarding early direct deposit. Not all account types or customers may be eligible for early deposit services, and the availability of early direct deposit may depend on various factors, including the payer’s policies.
Keep in mind that policies and features can change, so it’s advisable to check with your bank for the most current information regarding early direct deposit options. Additionally, consider reading the terms and conditions associated with any such services to understand the specific details and eligibility criteria.
Read More: Which banks have early direct deposits?
Traditional Financial Institution (TFI)
We also coined the acronym TFI to describe traditional financial institutions which are banks that traditionally don’t offer early direct deposits. These are some examples of TFIs.
- Bank of America
- Chase Bank
When a direct deposit is sent to a traditional financial institution, it is usually is posted and made available to the customer on the date expected and not earlier.
