WILMINGTON, DE — WSFS Bank, the flagship subsidiary of WSFS Financial Corporation (Nasdaq: WSFS), has rolled out a new service named Early Pay. This innovative feature allows customers to access eligible direct deposits, including paychecks and recurring government benefits like Social Security payments, up to two days ahead of the scheduled payment date.
Shari Kruzinski, Executive Vice President and Chief Consumer Banking Officer at WSFS Bank, expressed enthusiasm about the launch. “We’re thrilled to be able to offer Early Pay to our Customers to help streamline their eligible direct deposits and enable them to access funds sooner,” she stated. Kruzinski emphasized the bank’s long history of adapting to customer needs over its nearly two-century-long existence, highlighting this latest offering as part of WSFS Bank’s commitment to evolving with the times and enhancing banking ease for its clientele.
Early Pay is automatically available to WSFS customers who are already utilizing direct deposit for their paychecks or government benefits. To qualify, these deposits must be made into a WSFS personal checking, savings, or money market account and be properly identified as payroll or recurring government benefit deposits in the Automated Clearing House (ACH) transaction description. Notably, WSFS Bank is providing this service at no additional cost or fees, further underlining the bank’s dedication to customer service and financial empowerment.
Additionally, customers can opt into online banking alerts, ensuring they are promptly notified when their deposits become available, adding an extra layer of convenience to their financial management toolkit.
The introduction of Early Pay by WSFS Bank comes at a time when financial institutions are increasingly seeking ways to differentiate themselves through customer-centric innovations. By allowing customers early access to their earned income and benefits, WSFS Bank not only enhances the appeal of its banking services but also provides a tangible solution to the cash flow challenges that many individuals face between pay periods.
This initiative could have significant implications for financial planning and stability among WSFS Bank customers, potentially reducing reliance on high-interest payday loans and other forms of credit to bridge gaps in cash flow. Moreover, it positions WSFS Bank as a forward-thinking institution attuned to the evolving needs and preferences of modern banking customers, potentially attracting new clients looking for banks that offer more flexible and responsive financial products.
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