Why should I add my Direct Deposit to the Branch Wallet?
There are several benefits to adding your direct deposit to your Branch Wallet.
- Opportunity to be paid up to 2 days early. If your benefits team processes payroll early, we will release those funds to you as soon as we receive them which can happen up to two days earlier than your scheduled pay date.
- When you move your direct deposit to Branch, you can begin to use us as your main bank account. This will allow you to pay your bills from one account, take free advances to that same account, and pay back those advances as well. This will ultimately help you keep track of your finances because they'll all be in one place!
- Eliminates issues with delayed data from your bank! Sometimes it takes our users longer to qualify for an advance when their bank is delayed in providing us transaction data, but when your direct deposit hits your Branch account, our system immediately updates! Since the data is in our system, there are no delays - guaranteed.
- Stay tuned for more benefits to come!
Important things to Note:
- We do not have visibility to how early your direct deposit will hit your account until we see a direct deposit come through. This totally depends on when your employer runs payroll so the easiest way to find out when you'll receive your paycheck will be to check with them. If they process payroll a couple days earlier than your expected due date, you should receive those funds early in Branch
- In order to maintain your advance limits in the Branch app, you will want to transfer your entire paycheck to Branch. Once you transfer your direct deposits to Branch, we calculate your advance limits based on the direct deposit amount that we see in your wallet. If this is significantly lower than the paychecks going into your old bank account, then your advance limits may get lower.
Comments
3 comments
Definitely no benefits to doing this! I thought this was a good decision but I’m thinking not because the previous bank would have already given me my deposit! Yes my info was all correct as well I submitted the form. Looks like I’ll have to go back to my original bank!
There is also supposed to be and add'l $15 added upon first direct deposit. Who do you contact if you do not see that promotion amount in your wallet?
Feel free to reach out to us at cardsupport@branchapp.com with any questions related to your Direct deposit or your Branch wallet!
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