It takes up to two direct deposit cycles for this feature to kick in.
Once the requirements for direct deposits and eStatements enrollment are met for QPlus Checking, it may take up to two direct deposit cycles for the early* access to direct deposits to take effect.
Once this feature kicks in, you can expect to see up to three transactions related to QPlus:
-
QPLUS EARLY DD – A transaction with this starting item name is the indicator that tells you your 5-day early access benefit kicked in. Your account will receive funds from Quorum that is equal to the direct deposit you set up for QPlus approximately five days prior to receiving your actual direct deposit from your funding source.
-
Actual Direct Deposit – This is the actual direct deposit transaction from your funding source (employer, etc.)
-
QPLUS ADV REPAY – A transaction with this starting item name is the indicator that tells you we’ve debited back that amount that is equal to the amount that was advanced to you (i.e. see transaction with starting name QPLUS EARLY DD). This amount will be taken from your account once the actual direct deposit transaction from your funding source comes in or if we do not receive the funding source at the scheduled date of direct deposit. This transaction ensures that we don’t overpay your account.
If you have any questions related to the transactions on your account, please log in to your account via the mobile app or online banking and send us a Secure Message.
Disclosures:
*5-Day Early Access to Direct Deposits: 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.