Young woman looking at her phone while in the train station.

The countdown to payday can be fraught with emotion, both the good and the bad. Whether you’re eager to put some of your earnings toward fun weekend plans or making sure paying your bills doesn’t mean overdrawing your account, the wait can get stressful.

So what if you could fast forward (just a bit)? Our newest Ally Bank Interest Checking Account feature, early direct deposit, can do just that.

What is early direct deposit?

At Ally, it is always our mission to Do It Right for our customers and eliminate some of the stress that finances can cause. Early direct deposit may help by giving you access to your direct deposit up to two days before payday (for free!).

We are constantly looking for new ways to help our customers live their best financial lives, with the tools they need to get there. If you already have an account, you might have used some of our other features, like our Ally Bank Online Savings Account’s buckets and boosters and our Interest Checking Account features, like CoverDraft. Each of these offerings was developed with the explicit goal of helping Ally customers access the tools they need for smart saving and spending. Early direct deposit is the latest addition to that financial toolkit.

How to get started with early direct deposit

Early direct deposit is available for most Ally customers who have signed up with their employer for direct deposit. If your paychecks are already automatically deposited into your Ally Bank Interest Checking Account, you’re done with the first step.

If you’re not yet signed up for direct deposit, you can go through your employer or government payment provider to enroll in direct deposit yourself. All you need is your Ally Bank Interest Checking Account number and the Ally Bank routing number. You can also use our direct deposit form.

Once you’ve received two qualifying direct deposits (within six months) and your payroll provider has sent us your payment details early, you could begin to receive your paycheck up to two days early.

If you do not see your direct deposit coming in early, it could be because we didn’t receive your payment details early, or your deposit type isn’t eligible (like a transfer between bank accounts). In one statement cycle, you can receive up to eight early direct deposits per account as long as each paycheck is $10,000 or less.

A graphic that is titled "Your quick guide to early direct deposit." Graphic reads: Ally's early direct deposit makes payday easier (and earlier). What it is - Many customers who receive their direct deposit in their Ally Bank Interest Checking Account can be paid up to two days early. How you qualify - You are automatically eligible once you receive two qualifying direct deposits to your Ally Bank Interest Checking Account within a six-month period. Benefits to expect - Early direct deposit is free to use and will automatically be applied if you already receive qualifying direct deposits. You could also receive up to $250 in expanded CoverDraft coverage (over the standard $100). *The two direct deposits need to come via direct payroll deposit through an employer, business or government program. Get Started. If you're not yet set up with direct deposit, all you need to enroll is: Your account number. You can find this by logging into your account. Our routing number 124003116. Update with your employer or direct deposit provider. Reach out to your employer for instructions or use our form.

What difference does an early paycheck make?

We’re so glad you asked. When it comes to managing money, a little flexibility can go a long way. Having early access to paychecks can help you avoid the headache of moving money back and forth to cover upcoming expenses at the end of the month.

Bonus benefit: Get more from CoverDraft

Another benefit of setting up direct deposit? More coverage from CoverDraft.

If you do overdraw your account, CoverDraft may temporarily cover you up to $250 (standard coverage is $100). If you’re thinking: Wait, I thought Ally didn’t charge overdraft fees? You are correct. In June 2021, we became the first major U.S. bank to completely cancel these punitive charges.

CoverDraft is an additional safety net for those times when overdrafts happen. Say you’re out buying groceries and forget your electric bill already tapped out your account — now you’re in the red. CoverDraft has your back, temporarily spotting you the funds up to $250 (for most direct deposit customers). You’ll have 14 days to raise your account balance above $0, with your next deposit automatically applied to the negative balance. Who couldn’t use a little extra cushion from time to time? Keep in mind, CoverDraft is a service, not a line of credit or a guarantee. If your purchase isn’t covered for any reason (let’s say the transaction exceeds your CoverDraft limit, for example), it will be declined – but we’ll never charge you an overdraft fee.

Stay ahead of the game

At Ally, we’re always looking for ways to make money less stressful. And there’s nothing quite like getting to payday a little early. With early direct deposit you can pay your bills sooner, build your savings faster and get ahead of those financial stressors that can make money management overwhelming.