Workers Credit Union hopes to make their services more attractive to current and future members by offering an early pay day to members who receive direct deposits into checking and savings accounts, a program similar to those offered by Nassau Financial Federal Credit Union and GPO Federal Credit Union.

Workers Credit Union hopes the new service will help differentiate itself in the marketplace, according to Bill White, spokesperson for Workers Credit Union. Members will have the benefit of early access to funds from paychecks up to 24 hours earlier than normal, according to Doug Peterson, President and CEO of Workers Credit Union. The change is made simply by adjusting the date payment is posted. The member’s payroll notifies the credit union when payment will be made, and the credit union deposits the money into the account a full day early.

Nassau and GPO’s programs operate similarly. “If the employer gets the payroll file to the Federal Reserve and we receive it, it gets posted the same day – even if the actual pay date is the next day,” said Jodi Blydenburgh, Vice President of Administration at GPO.

The only instance in which funds will not be available the promised day early at Workers is if the company payroll fails to notify the credit union, according to White.

Although Workers will be depositing money in members’ accounts before it is credited with the money, they do not consider the lag in payment to be a risk, according to White.

“We went and looked back historically at direct deposits, and virtually there was rarely ever an issue it was reversed,” said White. “The one or two times a direct deposit was reversed was because it was a mistake the payroll company made. So it was just corrected and then resubmitted.”

Nassau has been offering the program since 2007, according to President and CEO John DeCelle, and reports no drawbacks. Neither does GPO, which has been offering this service for 15 years. GPO originally launched the program at an enrollment fair, and advertised by asking “Do you want to get paid a day early?” Blydenburgh said they enrolled 600 people that day.

Feedback concerning “Workers Early Pay Day” has been heavily positive, according to White, who said members reached out to Workers Credit Union to express their approval after the program was announced. The program was designed to benefit members who might be a little tight on money and need access to early funds.

“Getting by is a challenge for most people today. According to a recent study, 78 percent of people who work full-time said they live paycheck to paycheck,” said DeCelle. “If this service makes life a little easier for them, that's a good thing.”

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