Comments on: How to Fake a Direct Deposit and Avoid Bank Fees http://www.realmofprosperity.com/2010/01/how-to-fake-a-direct-deposit-and-avoid-bank-fees/ Tue, 02 Aug 2011 23:54:33 +0000 hourly 1 http://wordpress.org/?v=3.2 By: Dave http://www.realmofprosperity.com/2010/01/how-to-fake-a-direct-deposit-and-avoid-bank-fees/comment-page-1/#comment-2718 Dave Fri, 10 Sep 2010 15:09:17 +0000 http://www.realmofprosperity.com/?p=1404#comment-2718 My employer allows me to select multiple accounts to have my paychecks sent to. I designate that $1.00 goes to my checking account at bank A, $1.00 goes to my wife's checking account at bank B, and the remaining amount goes to my checking account at bank B. With one paycheck, I am able to meet the direct deposit requirements in three different checking accounts. My employer allows me to select multiple accounts to have my paychecks sent to. I designate that $1.00 goes to my checking account at bank A, $1.00 goes to my wife’s checking account at bank B, and the remaining amount goes to my checking account at bank B. With one paycheck, I am able to meet the direct deposit requirements in three different checking accounts.

]]> By: Simon Zhen http://www.realmofprosperity.com/2010/01/how-to-fake-a-direct-deposit-and-avoid-bank-fees/comment-page-1/#comment-1325 Simon Zhen Sat, 30 Jan 2010 17:08:54 +0000 http://www.realmofprosperity.com/?p=1404#comment-1325 @Liz: I've personally triggered direct deposit alerts with all four methods above so I'm writing from experience. I understand that banks could tell the difference with relative ease and direct deposit was meant for any stable, consistent payment. But, since you are working in the banking industry, could it be possible that a bank would allow certain ACH credits to count as direct deposits just so that a bank could receive funds faster - and therefore, can begin lending out funds earlier? @Liz: I’ve personally triggered direct deposit alerts with all four methods above so I’m writing from experience. I understand that banks could tell the difference with relative ease and direct deposit was meant for any stable, consistent payment.

But, since you are working in the banking industry, could it be possible that a bank would allow certain ACH credits to count as direct deposits just so that a bank could receive funds faster – and therefore, can begin lending out funds earlier?

]]> By: Liz http://www.realmofprosperity.com/2010/01/how-to-fake-a-direct-deposit-and-avoid-bank-fees/comment-page-1/#comment-1324 Liz Sat, 30 Jan 2010 16:55:08 +0000 http://www.realmofprosperity.com/?p=1404#comment-1324 Honestly, 3 out of 4 of these options would not work. I work for a bank and there is a different transaction code for ACH credits then actual employer payroll direct deposits. When most banks waive your fees with direct deposit they are talking about a payroll direct deposit which is (in the banks eyes) completely different from an ACH credit. Yes it is very easy for them to tell the difference. The only option that has a small chance of working would be the affilliate commission for a website depending on how they make those deposits into your accout. If you don't believe me check your bank disclosures. Honestly, 3 out of 4 of these options would not work. I work for a bank and there is a different transaction code for ACH credits then actual employer payroll direct deposits. When most banks waive your fees with direct deposit they are talking about a payroll direct deposit which is (in the banks eyes) completely different from an ACH credit. Yes it is very easy for them to tell the difference. The only option that has a small chance of working would be the affilliate commission for a website depending on how they make those deposits into your accout. If you don’t believe me check your bank disclosures.

]]> By: Simon Zhen http://www.realmofprosperity.com/2010/01/how-to-fake-a-direct-deposit-and-avoid-bank-fees/comment-page-1/#comment-1287 Simon Zhen Sat, 16 Jan 2010 22:08:42 +0000 http://www.realmofprosperity.com/?p=1404#comment-1287 @Jerry: It is best not to ask and alert them to the little loopholes that consumers use. Find out what works and stick with it. What a bank considered direct deposit is usually determined by the type of transfer and recognized by their computers. Don't banks have any more control over you than they already do! @Jerry: It is best not to ask and alert them to the little loopholes that consumers use. Find out what works and stick with it. What a bank considered direct deposit is usually determined by the type of transfer and recognized by their computers.

Don’t banks have any more control over you than they already do!

]]> By: Jerry http://www.realmofprosperity.com/2010/01/how-to-fake-a-direct-deposit-and-avoid-bank-fees/comment-page-1/#comment-1285 Jerry Fri, 15 Jan 2010 15:21:38 +0000 http://www.realmofprosperity.com/?p=1404#comment-1285 This is absolutely fantastic information. We are currently getting charged through B of A and were considering leaving because of it. I'm going to give this a try and see if it leads to no fees. Can I call them and ask? We're trying to save in every area so this little tidbit is just more insurance for our budget. Thanks a lot. Jerry This is absolutely fantastic information. We are currently getting charged through B of A and were considering leaving because of it. I’m going to give this a try and see if it leads to no fees. Can I call them and ask? We’re trying to save in every area so this little tidbit is just more insurance for our budget. Thanks a lot.
Jerry

]]> By: Simon Zhen http://www.realmofprosperity.com/2010/01/how-to-fake-a-direct-deposit-and-avoid-bank-fees/comment-page-1/#comment-1279 Simon Zhen Tue, 12 Jan 2010 06:10:08 +0000 http://www.realmofprosperity.com/?p=1404#comment-1279 Direct deposits is electronic and faster. It requires less work and the funds arrive quicker, which means the bank can begin using your money to make money earlier. Direct deposits is electronic and faster. It requires less work and the funds arrive quicker, which means the bank can begin using your money to make money earlier.

]]> By: Maria http://www.realmofprosperity.com/2010/01/how-to-fake-a-direct-deposit-and-avoid-bank-fees/comment-page-1/#comment-1278 Maria Tue, 12 Jan 2010 05:47:54 +0000 http://www.realmofprosperity.com/?p=1404#comment-1278 Interesting, thanks for posting. I had no idea. Now, sorry if I'm giving away my naivete here, but why do banks apparently value direct deposits over in-person ones? Interesting, thanks for posting. I had no idea. Now, sorry if I’m giving away my naivete here, but why do banks apparently value direct deposits over in-person ones?

]]> By: Single Guy Money http://www.realmofprosperity.com/2010/01/how-to-fake-a-direct-deposit-and-avoid-bank-fees/comment-page-1/#comment-1275 Single Guy Money Tue, 12 Jan 2010 01:12:44 +0000 http://www.realmofprosperity.com/?p=1404#comment-1275 Great post. I always wonder what type of deposit will be considered a direct deposit or just an ACH credit. As you mentioned, most accounts require a direct deposit in order to avoid a fee. Great post. I always wonder what type of deposit will be considered a direct deposit or just an ACH credit. As you mentioned, most accounts require a direct deposit in order to avoid a fee.

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