Is direct deposit safe?

Yes! Because direct deposit is an electronic payment, it passes fewer hands while traveling from your employer to your bank account. That makes it the safest way to get paid.

With direct deposit, can I get paid on a weekend?

Typically, no. Direct deposit processes on business days. So, if your payday falls on the weekend, your bank will usually make the funds available on the Friday before payday or the following Monday (if it’s not a federal holiday).

What happens if my payday falls on a holiday?

Many employers will grant an early payday to ensure the holidays don’t interfere with paychecks. But, regardless of your employer’s payroll preferences, direct deposit only processes on business days. This means that you will get your paycheck the day before payday or the following business day.

Can direct deposit go into a savings account?

Yes! When you set up direct deposit with your employer, be sure to bring the routing and account numbers for all accounts and voided checks to verify them.

Is direct deposit the same as a wire transfer?

No. While direct deposits are processed overnight, wire transfers are processed and deposited instantly. This usually means that the wire transfer can be sent and deposited within the same day. (For international transfers, it usually takes an extra day or two to process.) Unfortunately, this speed does not come without cost. For example, at Axos Bank, outgoing domestic wire transfers cost $35 and international wire transfers are $45. Incoming wire transfers are free. As such, direct deposit is the cheapest option to get paid.

Cybersecurity

Protect Your Business From Wire Fraud

Name: Early Direct Deposit
Brand: Axos Bank

Nov 08, 2023

The numbers are staggering – business email compromises resulted in estimated losses of more than $2.7 billion in 2022, according to the FBI.

Wire fraud is a real threat, and this is especially true in the business world. The top priority is keeping your accounts protected.

Digital banks like Axos Bank provide ease and convenience in a fast-paced society dominated by technology. While digital banks allow customers to take care of all their financial needs anywhere and anytime, many people still feel comforted by the customer support that comes from a human – a service we provide at Axos Bank.

A Serious Problem

Cybercriminals committing wire fraud often use phishing techniques like fake emails and phone numbers to impersonate someone you trust.

Email compromises in general have been reported in all 50 states in the United States and in 177 countries across the globe. Reported losses domestically and internationally totaled more than $43 billion between June 2016 and December 2021.

How to Keep Your Business Accounts Safe

Wire fraud is often committed through email account compromises, so let’s explore some tips to avoid common mistakes.

Here are a few ways to keep your accounts safe:

Be alert for any changes to wiring instructions.
Call to confirm wiring instructions are legitimate, using a telephone number you have on file.
Confirm your wiring instructions in person if possible.
Choose a lengthy, strong, and unique password for your email account, and change it periodically. Consider utilizing a password manager for an even higher level of protection.
Enable two-factor authentication or multifactor authentication on your email account.
Watch for bad grammar, punctuation errors, and spelling mistakes, as these often appear in phishing emails.
Scan the sender’s email address and contact info for irregularities.

“To protect against wire fraud, businesses really need to continuously educate their employees to spot the fraud and stay vigilant at all times,” said Raghu Valipireddy, Senior Vice President, Chief Information Security Officer at Axos Bank. “It’s all about cultivating an environment that empowers the employees to look for red flags and report them to management quickly.”

Customized Solutions for Consumers and Professionals

Our team members at Axos Bank are here to help. Axos has fraud mitigation tools to protect your accounts from wire fraud. Contact one of our treasury management sales officers for more information.

Want to discuss what Axos can do for you and your business? Schedule a meeting with one of our commercial banking team members today.