My job is switching to Direct Deposit


And at first I’m cool with this. It’s going to be through Bank Of America. Then they tell me that I have to get a checking account, and that they can’t deposit my pay into my savings account. Something about that doesn’t seem right, but I can’t put my finger on it. Those of you here who get direct deposit, how common is it for an employer to force employees to open an account that you otherwise don’t use, and that costs a fee to maintain rather than a minimum balance?


My company doesn’t deposit to savings accounts.

The ACH (automatic clearing house) is different. Savings accounts bear interest so they won’t cut company checks to that. Most banks I know waive fees if you use a direct deposit with them. I know Chase and HSBC do.


Technically…since all they want on the form is a routing number, shouldn’t I be able to give them the number for my savings account? I think the form just said checking account because it’s considered “the norm”. Oh, also, I’m in a credit union instead of a bank, so might it be possible that the interest thing doesn’t apply? I know institutions try to make money off of your money coming and going, though.


Why can’t you just set up a checking account and get it transferred to your savings?


More importantly, can’t you find a free banking service? I have one with PC (President’s Choice), and I use that for depositing paycheques.


You might be onto something there…I’ll call my credit union tomorrow to see if they can automatically route it to savings once they receive the deposit.


I’d find a bank that offers free checking, credit unions offer checking accounts as well.

I go to a small local bank that has free checking so long as I have 1 direct deposit a month, and bonuses of 2.5% APY balance interest/atm fee refunds. Bonuses conditional on at least 12 debit card transactions & paperless electronic statements each monthly cycle.


how do you not have a checking account? i mean wholy shit… it’s 2013.


I have direct deposit with TD Bank using a Student account. With Securitas, all they needed was my routing/account number. If I wanna transfer funds into a savings, I can do it online or through the app. Literally takes a few seconds to do a transfer. Bank of America can go choke on huge Black dicks.

But seriously… 2013 and no checking account? Do you still use stone tablets too? :rofl:


You would be amazed the amount of people with no checking accounts. I have ran into like 5 just since starting College.


Ally Bank. Free online checking and they pay your ATM fees. I did the work for you, you walking stereotype.


This is common. Usually you can set up a monthly transfer of money from your checking to your savings account via your bank’s online account. Usually your fee will get waived if you have a decent minimum balance for your account or you use your debit card a lot.


Jeez… Shit is mind blowing. It doesn’t take long to set one up and you can even do it over the phone if you don’t want to go to a branch to open one up. Modern day conveniences, man.

Boom, goes the dynomite.


If you’re worried about fees, use Ally. Seriously, every poor person I know uses it and no complaints. The checking account even accrues interest.

This thread can now close.


Many people are without checking accounts because they are in debt. If you owe money, it’s possible and common for money to be taken directly from your checking account. That’s why you see so many ads for pre-paid cards running alongside ads with Montel pitching quick cash loans.


Join the rest of us in the 21st Century and just get a fucking checking account.

Go to a credit union if you don’t want to deal with fees and slimy bank bullshit. In fact, it’s just plain better to start with a credit union these days.
I’d leave Bank of America in a heartbeat if I wasn’t broke and didn’t already have a Platinum account.


Direct deposit is great, saves a lot of time. But direct deposit with Bank of america…My advice if you are stuck dealing with them, every time you get paid go to one of their banks, pull out all but the monthly fee and put the rest in an account at ANY OTHER BANK.


I’ve never had a job that hasn’t needed direct deposit to a checking account.

Make a checking account and manually transfer money to your savings every check.



:rofl: I was like, “Shit! I thought I edited my post before I submitted!”