WATERLOO, Iowa – Veridian Credit Union has become the latest to announce it is expanding its direct deposit services by releasing members’ electronic payroll up to two days early.
The service is free to members enrolled to receive direct deposits, which Veridian said is an estimated 169,000 of its 300,000 members.
“We’re always looking for ways to make our members’ financial lives simpler to manage,” said Veridian President and CEO Renee Christoffer. “Releasing direct deposits up to two days early is one way we can achieve that. We’re thrilled to offer this service to our members.”
In announcing the service, the $5.9-billion Veridian added, “All financial institutions are notified of upcoming electronic deposits before receiving funds for it. While most banks and credit unions wait for the funds to arrive before crediting the account, Veridian is now releasing those funds to members early rather than waiting for the funds to arrive.”