SoFi, one of the most successful fintechs in the U.S., recently announced that SoFi Money, its cash-management product, will now offer members the ability to receive their direct-deposit paychecks (or other eligible direct deposits) up to two days earlier than their regularly scheduled payday. According to SoFi, the early-paycheck program will work by posting ACH transactions upon notification of incoming funds from the transferring institution.
While sharing more details about the program, Anthony Noto, CEO of SoFi, stated:
“We’ve frequently hear from members, regardless of how much they make, that they want early paycheck , and we are thrilled to be able to launch it now. With our early paycheck program, we are giving people access to their hard-earned money in a way – and at a time – that allows them to maximize their financial choices. Some might not think that two days matters, but I can tell you firsthand – it MATTERS.”
As previously reported, the SoFi Money product is a no-account-fee, high-interest cash management account that offers members reimbursed ATM fees worldwide, spending and budgeting tools, and access to no-cost financial advice available to all SoFi members.
SoFi then added that the early-paycheck program is now available to any SoFi Money member who opts to set up a qualifying direct deposit.