💰 What is direct deposit?
It’s an automated payment method that allows funds (your salary) to be electronically transferred to your bank account.
It means you get paid quickly and it’s good for the planet, since there’s no need for paper checks each month. 💸
How does direct deposit with Cleo work? 🤔
When you set up a direct deposit with Cleo we will open a new bank account for you with our banking partner Thread Bank*. Don’t worry, we won’t charge you any fees for opening and maintaining this account.
🔗 It will be used to receive your direct deposit and from there you can opt to repay your cash advances**, including express delivery fees, or fund your security deposit, so you are able to spend more on your Credit Builder Card* and keep working to improve your credit score.
How does having a direct deposit set up with Cleo help me? 💰
MANY EXCITING THINGS 😄
One ☝️ : Access to higher cash advances** with easy repayment, so you never miss a repayment deadline. The more you deposit, the chunkier your advance:
Deposit $250 per month to get from $50 up to a $200 advance†
Deposit $500 per month to get from $100 up to a $300 advance†
Deposit $750 per month to get from $150 up to a $500 advance†
Two ✌️: Access your paycheck up to 2 days early.
Once we’ve received your direct deposit payment you could qualify for getting your salary up to 2 days early. Cleo will let you know when early access to your pay is possible - Cleo will send you a notification, or you can access via a banner in the spend tab. If you select to get your pay early it will be sent to your Credit Builder Card security deposit, increasing the amount you can spend on your card. 🆙
How long does it take to receive my direct deposit? 📆
When you set up direct deposit via Cleo it can take 1-2 pay cycles for your funds to start being deposited with Cleo.
Don’t worry though, if the funds aren’t coming through to Cleo yet, you’ll still get your paycheck via whatever method you previously used - your employer should be able to provide more information on this. 👍
🎈 If you want an idea as to when your money should reach Cleo check out the Spend tab, you can see when Cleo expects to receive your first direct deposit related payment there.
How do I set up a direct deposit? 🙏
Head over to the "Spend" tab in the app and click "Add cash". For those that qualify you’ll see an option to set up a direct deposit, simply select that choice and follow the flow.
To complete the set up you’ll need to login to your payroll provider, so make sure you’ve got your username and password at hand.
🤔 How much money do I have to add?
That’s up to you.
You can decide whether you want to send an exact amount, a percentage of your salary or your entire salary during the sign up flow. You must add at least $1.
Is direct deposit safe? 🔒
Direct deposit is generally a safe way to receive payment.
You just have to ensure your funds are being sent to the correct bank account. When you set up a direct deposit with Cleo we will direct you to sign in with your payroll provider, so you can be confident you are interacting with the people that pay you.
How do I access my money? 🏦
When you set up your direct deposit you agree to send your funds to the security deposit of your Credit Builder Card.
We’ll handle all that, simply wait for your paycheck to come in and then watch as your security deposit increases. This will then increase the credit limit on your card and means you can start spending money up to the amount of your new credit limit.
🏧 If you need cash in a hurry you can access a card cash advance using your Credit Builder Card at an ATM**.
Why is my direct deposit late? 🔴
Delays in payment are usually an employer payroll problem as significant delays inside the Federal Reserve and banking computers are rare. So if your direct deposit is late, don’t panic, simply contact your employer’s payroll department to get more info.
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When your direct deposit doesn’t show up in your account on time, the reason may be it has just taken a few extra days to process. This might be due to holidays or because the request to transfer money went out after business hours, and the money will most likely show up the next day.
Alternatively, it may be that your employer sent in its payroll file later than usual, if that’s the case your money will be coming it might just take a while. If you qualify for get paid early, look out for a pop up in the app, as you may be able to access funds despite the delay.
If none of this helps, head over to the spend tab and tap ‘I need help with my card’ in the “I’ve got questions” section. Once Cleo replies to you with a list of potential actions to take, choose “talk to a human”, which should take you to our customer service team. Tell them the amount you expected to receive and when you expected to receive it and they will take it from there.
💣 Why is the amount I have received different than I expected?
There are lots of reasons why the amount sent to our security deposit might be less than you expected:
Have you taken out a boosted cash advance recently? 🏁
To make your life easier, when you took out a boosted cash advance you agreed to set up a repayment linked to your next direct deposit. So when your direct deposit was received we took that repayment before sending the remaining funds to your security deposit. You’ll be able to see both these transactions in your next statement.
Did you file an expenses claim with your employer? Or perhaps you got a bonus?? 🤩
Both of these will cause the amount you receive by direct deposit to increase.
🤔 Does your company let you pay for things at work using your salary? Perhaps you have a lunch card that is linked to your paycheck?
If that’s the case it may be the amount you’ve received is lower because your employer has taken the amount you spent before sending you your salary.
Did you request for only a percentage of your salary to be sent to your Cleo card? 🔢
Math makes everything difficult. Check all the accounts that have received a portion of your salary, is that number more what you were expecting?
Remember, you can change the amount you send via Direct Deposit at any time
Simply go to the Manage Your Card page and select Manage Direct Deposits.
If you still need help with this, reach out to customer service and they can help give you more specific guidance. You’ll just need to tell them the amount you received, the date you received it and the amount you had expected to receive.
Can I still access my pay stubs with direct deposit? 👍
You can still get a printed copy of your pay stub even when using direct deposit.
All you have to do is ask the right person. Speak to a staff member in your employer’s payroll department and put in a request.
How do I cancel my direct deposit? 😔
Unfortunately Cleo cannot cancel your direct deposit for you. The easiest and fastest way to cancel your direct deposit is to speak with your employer directly. Simply tell them where you’d like your paycheck to be sent instead and they will let you know how soon that will happen.
If you are just looking to change the amount you send to your security deposit each month you can do that in the app.
Go to the Manage Your Card page and select Manage Direct Deposits. From there you’ll be able to find your current setup and select Edit my deposit to login to your payroll provider, where you can change your direct deposit settings.
📇 What happens to my direct deposit when I cancel my Cleo card?
When you cancel your Cleo card you will also be closing the account that receives your direct deposit, so there will be nowhere for your money to go. To avoid having your paycheck returned to your employer we recommend that you speak to your employer directly to cancel your direct deposit before you close your Cleo card.
If there are any funds remaining on your account we will return those to a connected bank account you nominate during the cancellation process.
Want more? Check out our blog for all things personal finance.
† Eligibility requirements apply. Advance amounts range from $50-$500. Max advance eligibility can improve over time; any advance increases are applied in 1 - 2 qualifying deposits. Same day transfers subject to express fees.
*Your Builder account is powered by Thread Bank and your Credit Builder Card is issued by WebBank, Members FDIC
** “Cash/Salary Advance” and “Cashback Rewards” are features of the Cleo Builder Subscription and not the Credit Builder Card. The “Card Cash Advance” is a feature unique to the Credit Builder Card and allows you to advance cash at an ATM. The Card Cash Advance is subject to a $2.50 fee per transaction plus any fee that may be charged by the ATM or Bank. This feature is only available to holders of the Credit Builder Card.