Your direct deposit goes through several key steps before the funds reach your Dave Checking account. Here's a step-by-step breakdown of the process:
1. First, provide your employer or payer your Dave Checking account details including: your bank account number and routing number. Once they have your bank info, they enter it into their payroll system.
You can find this information within the Dave app in your settings ⚙️. Just tap Dave Checking, then tap Account information.
2. Before payday, your employer or payer generates an electronic file with all necessary payment information, including your Dave Checking account details and the payment amount. This file is sent to their bank for processing.
3. The employer or sender's bank verifies the payment file, ensuring that all information is accurate and correctly routed to the receiving banks.
4. Once verified, the employer's bank sends the payment instructions through the Automated Clearing House (ACH) network to facilitate the transfer of funds.
5. The payment file is received by one of Dave's trusted bank partners, who processes the payment for final distribution.
6. Once the payment is processed, Dave posts your funds to your account as soon as they are received, ensuring that you get paid on time.
First time direct deposit to Dave Checking
When switching your direct deposit into your Dave Checking account, it may take 1-2 pay cycles for your employer or payer to switch your deposit over. This is because your employer/payroll provider has a deadline (or “cutoff”) time that they must meet when updating your banking information.
If your employer or payer updated your information after this pay period’s cutoff time, you may not see it in your Dave Checking account until the following payday.
Please reach out to your employer or payer to understand when their cutoff times are. When you provide this information to your employer/payroll provider they will update your account information (routing and account numbers), verify the information is accurate, and set up the direct deposit.