The news: Huntington will let customers access direct deposits, including paychecks, up to two days in advance through a new free feature, Early Pay. The new feature is available to customers who have consistently made certain types of direct deposits: salaries, military income, pensions, and Social Security. Eligible customers will be automatically enrolled in Early Pay and will receive notification emails about the switch.
Trendspotting: Early paycheck access was initially a prominent offering from neobanks.
The big takeaway: Early Pay widens Huntington’s safety net for customers, which is meant to help their short-term finances, and which the bank calls its Fair Play Banking philosophy. Other support includes:
Huntington can use its breadth of liquidity support as a competitive strength to keep up with neobanks and incumbent banks that are also making a play for customers financially harmed by the economic fallout of the pandemic.
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