eli5, how does “get your paycheck 2 days sooner” work?
In: 0
It is in comparison to a group of fictitious situations, and depends on who is making the claim of 2 days earlier.
One instance would be where the pay calculations are done on wednesday, those numbers need to transmitted to a printer or printing department (for printing physical checks), actually printed, returned/delivered to the accounting department, then distributed for delivery to recipient.
Another instance, is that your bank on receipt of direct deposit info, would “normally” take verification steps, while placing a “temporary hold” on the funds deposited. During this hold time, your bank has been told that your money is coming, it is in your account, but as it is unverified, the bank won’t let you spend it yet, as a fraud protection measure. In this case, your recieving institution is stating that they will release the funds immediately “trusting” that everything will run as normal.
Latest Answers