Can this situation still be as "Direct Deposit"??

Question

If I have 2 different checking accounts at 2 different banks,then set up a direct deposit at first bank to move money continously each month to second bank,will it be able to be recognized "Direct Deposit"??

Or as long as the sender's name and receiver's name are same,can't it be "direct deposit"?

Thank you in advance!

Answer 1

no, that is considered as a wire money transfer not direct deposit...good try though!

Answer 2

Usually when a person says "direct deposit" they are saying their employer deposits their paycheck automatically into their checking account. Only the deposit the employer makes to your personal account is considered the "direct deposit". Usually you would give the employer a deposit slip and one cancelled check so that they can get the bank number from the bottom of the check to initially set up the process for you.

Why would you have 2 different checking accounts and continuously move money??? Trying to hide something? You only need one unless one is personal and one is commercial.

I don't understand what you're saying about sender's name and receiver's name being the SAME. The sender is the employer and the receiver is your bank and your account, so both are DIFFERENT.

Answer 3

it should because you are using two different accounts. This should work when your using two different accounts. You are thinking, but I would have the money direct deposited in one account. Why? What happens if they starting taking money out and there is no money? You will have to pay a fee. Keep it simple and direct deposit in one account. Need money? Take the money out of the direct deposit account and take it over to the other bank and deposit it. Contact me with more money questions. Hope I made sense!

Answer 4

What you are speaking of are two different things. Direct deposit comes from your employer or from your tax refunds. But when money goes from one bank to the other it is considered to be a wire transfer.

Answer 5

This is considered a money transfer not direct deposit.

Direct deposit comes from your employers. Your moving money around in your situation its consider a money transfer, which I think the bank will charge you a fee.