- Feb 1, 2008
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I noticed my dad's social security payment went in early. His SS comes in on the 3rd Wednesday of the month, however it was in his account over the weekend, early. His bank is Wells Fargo. I have POA for my dad and thought I'd better check this out since it was odd. Either SS screwed up or the bank screwed up? Contacting Well Fargo, I was informed of their new program started on September 2022 called early-payday. Direct deposits coming in or coming in but dated to post at a specified later date will now be posting and credited the same day they come in, and not waiting for the posting date. My dad's SS will now show up as posted and available two days early. Good news for my dad, I guess?
I was thinking of those online banks advertising on TV where they push the early-payday thing, usually one day early or was it two??? Sounds like the big banks like Wells Fargo are now doing the same. I'm guessing to compete with the annoying smaller fee-based online banking services.
I remember when the big banks put PAY-DAY LOAN services out of business in many states. The banks wanted the pay-day loan companies banned from doing business and ending their threatening competition. State legislators went along and banned pay-day loan businesses from doing business in many states. Guess the Wells Fargo early-payday scheme holds the same theory, less competition.
I was thinking of those online banks advertising on TV where they push the early-payday thing, usually one day early or was it two??? Sounds like the big banks like Wells Fargo are now doing the same. I'm guessing to compete with the annoying smaller fee-based online banking services.
I remember when the big banks put PAY-DAY LOAN services out of business in many states. The banks wanted the pay-day loan companies banned from doing business and ending their threatening competition. State legislators went along and banned pay-day loan businesses from doing business in many states. Guess the Wells Fargo early-payday scheme holds the same theory, less competition.
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