I'm pretty sure I can't do this, but does anyone know if u can have direct deposit into a savings account instead of a checking account??
2007-09-16 13:35:41 · 9 answers · asked by angelina21388 2 in Business & Finance ➔ Personal Finance
Yes. I work for a bank and my pay is direct deposited. The form to designate accounts specifically asks if the account is a checking or savings account. You should check with your bank to be sure you have the correct routing number before you set up the deposit. It may be a different number than for checking accounts and is often NOT the number on the deposit tickets.
2007-09-16 15:52:15 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋
Yes, you absolutly can have direct deposit into your savings. And this is quite common (for example many people break up their check and put a portion into checking and a portion into savings)
The electronic transactions rules that apply to electronic withdrawls out of the savings account (stuff like paypal and online transfers). That is when the government starts requiring the banks to charge fees.
2007-09-16 21:46:33 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Sure you can. You can even have a direct deposit to both at the same time (such as if you want part of your paycheck to go to your checking account and part to go to a savings account).
All you need to do is provide the account number to whatever type of account(s) you have.
2007-09-16 20:43:29 · answer #3 · answered by mia 3 · 1⤊ 0⤋
Check with your bank. A simple calll will get you an answer. All banks have their own policies and restrictions.
Banks are businesses. There are several ways they make money and one way is to charge fees. Make sure they will not charge you any user fees if you only have a savings account.
Do Not forget to make it a habit to make weekly deposits of $50 to $100 in a high interest savings account or Money Market account. Watch your money grow!
God Bless.
Carlos Cruz
2007-09-16 20:44:50 · answer #4 · answered by Anonymous · 0⤊ 1⤋
Yes you can. My employer, which incidently is a bank, will even direct deposit to multiple accounts. So I could set up X dollars to savings, remainder to checking.
The limiting factor is more likely to be your employer then your bank.
2007-09-16 20:46:01 · answer #5 · answered by b_plenge 6 · 1⤊ 0⤋
it depends on the bank, but most allow it.
2007-09-16 22:13:48 · answer #6 · answered by Anonymous · 0⤊ 0⤋
You can do it.
2007-09-16 20:40:26 · answer #7 · answered by hottotrot1_usa 7 · 0⤊ 0⤋
yes.... no problem.
2007-09-16 23:37:14 · answer #8 · answered by Common Sense 7 · 0⤊ 0⤋
yes..... I have one.....
2007-09-16 21:06:41 · answer #9 · answered by doclakewrite 7 · 0⤊ 0⤋