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Save Article Icon A bookmarkMany Americans currently are encountering financial difficulties. Over the past year, some took a pay cut or lost their job but still had the responsibility of paying off large expenses like mortgages or medical bills.
The amount of people who are spending their entire salary on their expenses is increasing. And it affects more people than you might think. A recent study from Highland shows 63% of Americans are living paycheck to paycheck, impacting people across all generations and income levels.
But it's not a new phenomenon. A 2019 survey from the American Payroll Association showed that 74% of Americans would find it difficult to meet their financial obligations if their paycheck was delayed by just one week.
For those people devoting their entire salary to pay off expenses, the timing of when they receive their money is extremely important. So, giving people the opportunity to get their paycheck earlier can bring people peace of mind and help them better budget for expenses.
Capital One recently introduced early direct deposit, a free feature that could give you access to your paycheck up to two days earlier. The process happens on the backend where Capital One gets a message that your paycheck is on the way. Once they receive that alert, they can reduce processing time up to two days so you can get your money sooner.
"From listening to our customers, we know that early direct deposit access and broad digital offerings are what consumers want and need to feel confident in their financial journey," says John Durrant, Executive Vice President of Retail and Small Business Banking with Capital One.
"As one of the first large banks to offer early direct deposit, we've already helped over a million customers access their paychecks early and our hope is that this change will allow them to stress less about money and focus more on their financial and personal well-being."
If you think about monthly expenses like rent, phone bill, car payments, and internet, many of these are due the same day you get paid. Having two days of extra breathing room can help you pay these expenses on time or even earlier than usual.
Early direct deposit is just the latest feature Capital One has launched to empower people to achieve financial success. Recently recognized for digital trust among its customers, Capital One also offers other innovative solutions for customers — like a top-rated mobile app and in-person cafés that give guests a break from their routine with free WiFi, cozy spaces, and Ambassadors on hand to help with banking needs.
Paired with healthy financial habits, having faster access to funds through early direct deposit can unlock the opportunity to pay bills on time and plan for big expenses, so you can stress less when it comes to managing your money.
