Funds are being released early, but not necessarily on the first day that they show pending in the account.
Upon receiving the direct deposit from eligible pay offices, funds will be released and made available immediately instead of waiting until the entry date provided.
Can a bank release a hold early?
Deposit in person, and the hold should be released after no more than one business day. Deposit at the bank’s ATM or night deposit, and the hold should be released no more than two business days later. Deposit elsewhere or at a non-network ATM, and you can expect the hold to take up to five business days.
What does it mean if a deposit is pending?
If you check your bank account online, you might sometimes see a message that says “direct deposit pending.” What this means is that your deposited funds are on hold. In special circumstances, some banks hold the deposit for up to seven business days.
Can a bank release funds early?
Generally, a bank or credit union has until at least the next business day to make most deposits available but can make them available sooner if it wishes. It assumes deposits were made into the payee’s account; when you deposit a check made out to someone else, there will generally be a longer hold on the funds.
Do checks clear at midnight?
In general banks have a next day policy which means that checks clear at midnight or after the end of the banking business day (such as 5pm). So funds may not clear the bank until Tuesday, just as deposits may not arrive until then.
How long does a pending deposit take?
It usually takes about two business days for a deposited check to clear, but it can take a little longer—about five business days—for the bank to receive the funds. How long it takes a check to clear depends on the amount of the check, your relationship with the bank, and the standing of the payer’s account.
Can your bank see a pending deposit?
Most other banks can see your “pending” direct deposit because they are waiting until payday to put the money in your account.