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So I just opened an Access America checking account (goodbye DCU and it's new crappy system) to further my banking relationship with them (shooting for the PCR eventually). I was curious for those who have it if transfers from other FI satisfy the direct deposit requirement or if it has to be a direct deposit from your employer.
@sportsguy83 wrote:So I just opened an Access America checking account (goodbye DCU and it's new crappy system) to further my banking relationship with them (shooting for the PCR eventually). I was curious for those who have it if transfers from other FI satisfy the direct deposit requirement or if it has to be a direct deposit from your employer.
Pushing a transfer from BECU counts for the direct deposit. That is the only other bank I have that doesn't charge to send money.
I believe I read that someone with Chase also had success.
@sportsguy83 wrote:So I just opened an Access America checking account (goodbye DCU and it's new crappy system) to further my banking relationship with them (shooting for the PCR eventually). I was curious for those who have it if transfers from other FI satisfy the direct deposit requirement or if it has to be a direct deposit from your employer.
YES
I have had success with PayPal transfers counting as a DD with this account!
@sportsguy83 wrote:So I just opened an Access America checking account (goodbye DCU and it's new crappy system) to further my banking relationship with them (shooting for the PCR eventually). I was curious for those who have it if transfers from other FI satisfy the direct deposit requirement or if it has to be a direct deposit from your employer.
ACH transfers from your external accounts do seem to satisfy the direct deposit requirement. But I wouldn't want to bet my life on it.
@SouthJamaica wrote:ACH transfers from your external accounts do seem to satisfy the direct deposit requirement. But I wouldn't want to bet my life on it.
Right. It is relatively rare (twice a week max for me) that you have to bet your life on what is considered a DD, but certainly check from time to time that you are still getting the 2% you expect. If at any point Penfed stops considering ACH as DD, there is probably no recourse (it ISN'T direct deposit!) apart perhaps from walking into a branch, slapping a teller's face with your glove and demanding a duel to the death...
Any latest DPs on this?
I am looking to see about opening a checking account at PenFed. If I can manually push $500 ACH once a month from my Ally Bank app/website to PenFed, I am also wondering if that would count as Direct Deposit. That would eliminate the need to park $500 at PenFed, and I can freely transfer the money out again or pay bills as necessary.
I'm curious to know what the problem was with DCU? I love banking with them especially deposits clearing within sometimes a few minutes. On the other hand I just cannot deal with Penfeds decades old websi
@Absolution16 wrote:Any latest DPs on this?
I am looking to see about opening a checking account at PenFed. If I can manually push $500 ACH once a month from my Ally Bank app/website to PenFed, I am also wondering if that would count as Direct Deposit. That would eliminate the need to park $500 at PenFed, and I can freely transfer the money out again or pay bills as necessary.
In my experience they did count. But I have no recent experience with it, as I started making regular direct deposits when PenFed added 2-day early direct deposit.
Do you remember roughly how long ago it was that you stopped pushing ACH from your other FI to PenFed and started opting for Direct Deposit instead?
Also, I seem to recall that you were unhappy with PenFed's services on the phone, as well as the fact that they limit you to only ONE transfer per day, is that correct? How is your general assessment on PenFed? I had a feeling you were leaning heavily towards only their PowerCash VISA being worthwhile.