Does "Direct Deposit" Specifically mean that it should come from my paycheck coming from my employer? ?

Question

I am asking because some banks asking about direct deposit as a condition to waive the checking account fees

Answer 1

It can also be other sources (social security, a structured settlement, disability,,,,)

Answer 2

When my daughter opened a checking account with Chase, I asked if the fee would be waived if I were to electronically transfer $500/month into her account. I was told that it didn't qualify as a "direct deposit."

If you want to avoid checking account fees, look into getting a checking account with a credit union.

Answer 3

It doesn't have to be a paycheck, just any automated, regularly recurring deposit. 

Answer 4

I think direct deposit means someone can directly deposit money from one bank account to another.

I am receiving money into my bank account this way. I provided my banking details to someone, and I get money deposited into my account.

I don't think you would be able to use a bank account without having checking fees. I have to pay checking fees, so I can use my bank account.

I assume you want to be able to use the money that someone gives you right. A bank can collect your money, but this doesn't mean you will have the right to use your money especially if a bank waives the checking account fees.

Answer 5

Most of the time, any ACH transfer in meets the direct deposit requirement. But not always.

I did a $400 regions bonus offer last year that required direct deposit and ach worked just fine. There i a running list somewhere that lists banks and if it works.

Doc of Credit maybe?

Answer 6

No.  Social security benefits and certain other things can also be direct deposited and qualify for the fee-free checking.

Answer 7

Direct Deposit is where your employer puts your net paycheck directly into the account(s) of your choosing. Some banks give some credit for that because they do not have to manually process a paper paycheck. If you ask your employer, you may be able to put a portion into a savings account as well as a checking account.

Answer 8

Direct deposit simply means that whomever is sending you money does it electronically instead of giving you cash or a paper check.

Direct deposits can come from any number of sources such as an employer, social security, pension, investment account, etc.