With the PODERcard account you have several options for receiving payments/transfers, including checks, hard cash, direct deposit or one-time bank transfers. Among the safest and most convenient is direct deposit. With your PODERcard you benefit from ASAP direct deposit which allows you to receive funds up to two days in advance* when you set up your direct deposit.
What is direct deposit?
Direct Deposit is a deposit of money by a payer directly into a payee's bank account in an automated, continuous fashion. For instance, money could move from an employer’s bank account to an employee’s bank account on a monthly basis.
Due to this automated system both parties can let it run without needing to do anything more. This is accomplished through the Automated Clearing House (ACH) network, which coordinates these payments with financial institutions and are typically free.
Why is it better than checks or cash?
If you are paid by check, you may not see the money in your account for a day or two. Why? Because your bank must ensure that the funds are available at the sender's bank before it's cleared.
Additionally, with both cash and checks, you risk losing, damaging, or getting it stolen. In fact, check fraud remains the most common form of payment fraud.
Direct deposit offers you the following benefits:
- SPEED: Once it's set up you'll receive your funds faster.
- SECURITY: It is processed securely through digital channels.
- FINANCIAL HEALTH: Helps you build more financial stability.
If you're still unsure, consider that 82% of American workers receive their paychecks electronically as direct deposit, it’s a trusted system.
How does it work?
First off, your employer gives us advance notice of the amount you've decided on (could be entire paycheck or partial). Many employers notify the bank of direct payroll deposits 1 to 2 days before the "official" payday.
Subsequently, we deposit your payment. If we receive advance notice that your money is coming, we will deposit your payment into your PODERcard account
- Up to 2 days before payday or
- Up to 4 days for your government benefits
Just keep in mind that early direct deposit depends on deposit verification. This helps you avoid having to wait for payday and makes it easier on things like paying bills.
What types of income or benefits can be direct deposited to my PODERcard account?
We deposit your payroll or government benefits to your PODERcard account, including:
- Social Security benefits
- SSI (Supplemental Security Income)
- Pension payments
- Railroad Retirement Benefits (RRB)
- Defense Finance and Accounting Service (DFAS) payments
- State unemployment benefits
- Government Disability Benefits (SSDI or Workers' Compensation)
- Veterans' benefits
How do I sign up to receive direct deposits?
Check out our walkthrough here. It includes all the information you need
Important Note: The early deposits may not be consistent due to the timing of the sendee's notices.
*ASAP Direct Deposit™ - Early availability depends on timing of payor’s payment instructions and fraud prevention restrictions may apply. As such, the availability or timing of early direct deposit may vary from pay period to pay period.
PODERcard account opening is subject to identity verification by Green Dot Bank. Banking services provided by and PODERcard Visa® Debit Card is issued by Green Dot Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Visa is a registered trademark of Visa International Service Association. Green Dot Bank operates under the following registered trade names: GoBank, Green Dot Bank and Bonneville Bank. All of these registered trade names are used by, and refer to, a single FDIC-insured bank, Green Dot Bank. Deposits under any of these trade names are deposits with Green Dot Bank and are aggregated for deposit insurance coverage. Green Dot is a registered trademark of Green Dot Corporation ©2020 Green Dot Corporation. All rights reserved.
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