Paychecks are a pretty standard part of life. You show up to work, and then you get paid—typically twice a month. But what happens if you need your paycheck early? Whether it’s because of an emergency or just because you’re short on cash, read on to learn the steps to get a paycheck early.
Account setup
Once you’ve completed your profile, it’s time to get started. The first step is to add your bank account information. This can be done by clicking “Add Bank Account” in the top right corner of the screen and following their step-by-step guide.
Once you’ve added your bank account information, you’ll be prompted to add a credit card as well! This is optional but highly recommended if you’re looking for an extra bit of cash. You never know when something comes up, and having a backup source of income can be extremely helpful!
Withdrawal authorization
Withdrawal authorization is a process where the bank verifies that you have the right to withdraw money from your account. It is a security measure for your protection, and it’s required for the early withdrawal feature.
You can expect withdrawal authorization to take up to 2 business days (sometimes more), but don’t worry—you’ll be notified via email once it’s been completed.
Bank account verification
The bank account verification process requires you to provide your bank account details, including the account number and name, type of the bank account (savings or current), currency used in the bank account and IBAN and BIC (International Bank Account Number, which is a sort of bank routing code).
Once submitted, this information will be sent to your bank for verification. According to the experts at SoFi, “This step typically takes between 1-2 days but can be longer depending on your circumstances and time zones.”
First early withdrawal
Once you’re eligible for an early withdrawal, the process is simple. Your financial institution will notify you when it’s time to take your money out of savings and move it into a checking or another account where it can be accessed (such as checking or a different savings account). They’ll send a notification that the funds have been transferred, and sometime in the next week or so, they’ll give you access to them. You can then withdraw them from your account at any time after that.
Some financial institutions may require that customers come into their branch offices in order to make withdrawals; others let customers do everything online with just their username and password. If this is the case with your bank, then simply log in online or call their customer service line if necessary. You’ve got cash in hand.
And that’s all there is to it! Remember, you don’t have to wait for your paycheck to come in the mail—you can access it online. That way, if there are any issues with your bank account or credit card (or anything else), you get them resolved without having to wait for a check that may never arrive.
