How to Fake a Direct Deposit and Avoid Bank Fees
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The exact definition of a “direct deposit” is quite vague in the banking world. Most of us understand a direct deposit to be a method of receiving payment electronically into our bank accounts. The typical forms of direct deposit are wages and Social Security income.
Why Do I Need to Fake a Direct Deposit?
Many bank accounts often have a monthly fee that can be waived under certain conditions. Sometimes, they require that you have one direct deposit per month to avoid paying that fee.
Or, a bank may be offering a promotional bonus to new customers who open a bank account – and the bonus is rewarded once the terms are met, such having a direct deposit.
Therefore, faking a direct deposit would beneficial to avoid paying account fees and to earn bonus cash.
How Can I Tell if a Transfer is a Direct Deposit?
The easiest way to determine whether or not a credit in your bank account is a direct deposit is to set up account alerts. Account alerts is a common online banking feature that would serve as a detector.
Configure your alert settings to email or text you whenever you receive a direct deposit greater than $0.01. Now, you can go on ahead and test which transactions are considered direct deposits.
Ways to Fake a Direct Deposit
- Online savings accounts. Online banks such as ING Direct and HSBC Direct both offer popular online high-yield savings accounts. Perform a direct deposit test by making a small transfer from these savings accounts into your checking account. If this works for you, set up monthly automatic transfers to your checking account.
- Paypal. Electronic payment services such as Paypal have accounts where they hold money for you. Try to withdraw funds from these accounts and see if your checking account recognizes the transfer as a direct deposit.
- Amazon. If you sell your stuff on Amazon, you’ll know that you had to provide your bank routing number and account number to receive payment. Every two weeks, Amazon disburses payments to you. This is very much like received a biweekly paycheck and it is considered to be direct deposit.
- Affiliate and advertising networks. If you have your own website, affiliate and advertising networks will often pay you on a monthly basis (if you meet minimum payout requirements). Choose to receive your commission and earnings through direct deposit. Although it isn’t really faking a direct deposit, it is an alternative method of getting it.
Once you have found a method of getting a “direct deposit”, you would have to remember to initiate the transaction (or have an automated system set up) and confirm it with the account alerts.
Note: A direct deposit transaction is never initiated through the receiving bank account. That means that you shouldn’t request a transfer while being logged into your checking account.
So, to those who are paying those nasty monthly account fees – stop. And to those who will use fake direct deposits to take advantage of account bonuses – enjoy!
(Photo credit: ericskiff)