SoFi, one of the most successful fintechs in the United States, recently announced that SoFi Money, its cash management product, will now offer members the option of receiving their paychecks by direct deposit (or other eligible direct deposits) up to two days before their regular payday. According to SoFi, the advance 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, declared:
“We frequently hear from members, regardless of income, say they want an advance paycheck, and we’re excited to be able to launch it now. With our Advance Paycheck Program, we give 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 two days count, but I can tell you this firsthand – this is IMPORTANT.
As stated previously, the The SoFi Money product is a no account fee, high interest cash management account that provides members with reimbursed ATM fees worldwide, spending and budgeting tools, and access to free financial advice available at all SoFi members.
SoFi then added that the Advance Paycheck Program is now available to any SoFi Money member who chooses to set up qualifying direct deposit.