In order to receive a direct deposit from your employer or another person, you must complete a direct deposit form and provide your bank’s name, address, and also account and routing number.

Now more and more employers are using direct deposits to pay for the work of their employees. Direct deposits are popular because you can access your salary right away. However, many employees do not have a lot of information about what direct deposit is, how it works and when you can receive a direct deposit directly into your bank account.

What is Direct Deposit?

Direct deposit is the transfer of money to your bank account. It happens when your employer or other party asks a financial institution to digitally transfer money to your bank account on a specific date. Thus, direct deposits are popular as there is no need to go to the bank to deposit money. Also, you no longer need to send paper checks! Once the money is deposited into your bank account, you can start using it right away.

How does direct deposit work?

It doesn’t matter who transfers money to you, the employer or another person, but in order to set up direct deposit, you will need to enroll. Typically, in order to do this, you will need to fill out a direct deposit form and provide your bank’s name, address, account number and routing number.

Direct deposit solves a large number of problems, so now your check cannot be lost, stolen or damaged – in any case, you can receive money directly into your bank account. You can also divide the funds that you receive into multiple accounts and get access to the money as soon as it is credited to your account.

 Major banks direct deposit time

Below you can explore the list of major US banks and their direct deposit time:

BankDirect deposit time
Bank of AmericaSame day processing
BECUBetween 12 a.m. and 2 a.m.
Capital OneNo later than 9 a.m. EST
Chase BankBy 6:30 a.m. EST
Fifth Third BankSame day processing
Navy Federal Credit UnionBetween 12 a.m. and 6 a.m EST Monday to Friday
TD Bank6 a.m. on payday
USAAUp to one day early
Wells Fargo6:30 a.m. EST on payday

What time does direct deposit hit your bank account?

Learn more about when you can receive a direct deposit to your bank account from major banks:

  • Bank of America. The time of the deposit may vary depending on the instructions provided by the originator. Thus, while time is different for each client as it is determined by the sender, as a rule, most direct deposits credit your account on the day your employer sends money in real time.
  • BECU. On the same day the bank receives the file from your employer, you will be able to receive your direct deposit. This usually happens early in the morning between 12 a.m. and 2 a.m. PST.
  • Capital One. Often, direct deposits are credited to the account on the same day as received by the bank. This usually happens no later than 9 a.m. EST.
  • Chase Bank. Often direct deposits are sent before 6:30 a.m. EST of the business day when the bank receives the deposit.
  • Fifth Third Bank. As a rule, funds become available on the same day as the bank receives a deposit, however there is no specific time when you will receive a direct deposit.
  • Navy Federal Credit Union. Typically, you will get a direct deposit from 12 a.m. and 6 a.m. EST (Monday through Friday) the same day your employer sends the deposit.
  • TD Bank. The money will be available to you no later than 6 a.m. on the day of the deposit.
  • USAA. If your employer posts funds at least two days before the payment date, USAA will transfer the money to you one money earlier. However, if not, then the money will be available on the same day as the bank receives the deposit.
  • Wells Fargo. Direct deposits are generally available by 6:30 a.m. on the same day as the bank receives the deposit.