My bank requires a direct deposit to earn rewards. How can I set this up without involving an employer?
I work for myself, so I don’t have a regular paycheck for which I could set up a direct deposit. I have never used direct deposit before, so I don’t know much about it.
Are there other ways to do it besides income from an employer? For example, could I set up a direct deposit by having it withdraw money from one of my accounts at a different bank? Or would that cease to be a “direct deposit”?
Thanks!
August 4th, 2010 at 6:45 pm
As far as I know, it has to be done through and by employers or government (like SS for example if you get disability or what not) since direct deposit implies authorization for someone ELSE to have access to your account to deposit. You know, without you endorsing the check.
Here, you can look at what paperwork is generally is involved in direct deposit set up.
http://www.bankofamerica.com/deposits/data/pdf/enr.pdf?template=enr.pdf
August 4th, 2010 at 7:23 pm
You could buy a Treasury bill for $100. http://www.treasurydirect.gov which deposits the interest into a Direct Deposit bank account. This should earn you the rewards..