The 5-day early direct deposit allows us to let you access your direct deposits five days in advance, regardless of when we receive the payroll/funding information from your employer or funding source.
The matrix below illustrates the differences between the two early direct deposit features Quorum provides.
| Early Direct Deposit | 5-Day Early Direct Deposit | |
| Early Access Timing | Quorum will make your direct deposit available 2-5 days early, depending on when we receive the payroll/funding information from your employer or funding source. | Quorum will make your direct deposit funds available 5 days early, regardless of when we receive the payroll/funding information from your employer or funding source, as long as account requirements are met. |
| Availability | Applies to all checking and savings accounts, if you have qualifying direct deposits set up, except in QPlus Accounts when the 5-Day Early Access feature is activated. | This benefit will override the Early Direct Deposit feature once activated. |
| Requirements | Automatically kicks in for eligible direct deposits. | Kicks in once the QPlus Checking account requirements are met. |
Disclosures:
*Early Direct Deposit: Early availability is not guaranteed and may vary from deposit to deposit. Funds availability depends on when we receive the payor’s payment instructions, any limitations we set on the amount of early availability, and standard fraud prevention screening. Eligible deposits are electronic deposits made through the Automated Clearing House (ACH) to your personal account including but not limited to items such as your payroll, pension, and government benefit payments. Other deposits or credits to your account, such as deposits of funds from person-to-person payment services (e.g., Zelle®, Venmo, or PayPal transfers), check or mobile deposits, and other online transfers or electronic credits are not eligible for early availability.
**5-Day Early Direct Deposit: This feature is only available for Quorum members with a QPlus Checking Account and monthly direct deposits with an aggregate total of at least $500.00 and enrollment in eStatements. Requirements must be established within 90 days of account opening. It may take two cycles for the early access to direct deposits to take effect. If the direct deposit or eStatement requirements set forth above are not set up or maintained, a monthly maintenance fee of $10 will apply.
Early Access funds will be credited to your account up to five days prior the date scheduled by the payor and is subject to change at any time. Quorum does not guarantee that any direct deposits will be made available before the date scheduled by the payor, and early availability of funds may vary between direct deposits from the same payor. Quorum shall have no liability for payments returned as a result of insufficient funds, overdrafts or any other payment failure due to reliance on Early Access funds.
Early availability of your direct deposit is not guaranteed and may vary from deposit to deposit. There is a maximum of two direct deposit funding sources that will be eligible for Early Access and a maximum of $10,000 per direct deposit will be advanced. In the event an account has more than two different direct deposit funding sources, Quorum reserves the right to determine which two are eligible for Early Access. Funds availability depends on meeting the requirements mentioned above and is subject to any additional limitations set on early availability of funds, including, but not limited to standard fraud prevention screening. The criteria we use for making funds available early are determined in our sole discretion, based on confidential criteria necessary for maintaining the security of your account and our payment services and is subject to change without notice. Not all direct deposits are eligible for 5-Day Early Access. Eligible deposits are electronic deposits made through the Automated Clearing House (ACH) to your personal account including but not limited to items such as your payroll, pension, and government benefit payments. Other deposits or credits to your account, such as deposits of funds from person-to-person payment services (e.g., Zelle®, Venmo, or PayPal transfers), check or mobile deposits, and other online transfers or electronic credits are not eligible for early availability. For interest-bearing accounts, interest on your incoming direct deposit will begin accruing on the business day we receive credit for the deposit from your payor’s bank.
Early Access advance amount will be debited from your account once the direct deposit has posted. Beginning two (2) business days after the deposit date scheduled by the payor, you are responsible for any negative balance that results from the usage of Early Access funds and the subsequent debit in accordance with our Truth in Savings Agreement.
Quorum reserves the right to revoke Early Access to funds for any reason and at any time.