xpguy said:"Account requires an electronic monthly deposit of $200 or more from payroll, annuity, pension, or a business account."

Anyone know what is meant by "business account"

Actually, it now says, "Internet Checking PLUS requires an electronic monthly deposit of $200 or more from payroll, annuity, pension or third-party pre-authorized transfer."

Does third-party pre-authorized transfer include transactions from ING Direct? Can anyone confirm or deny this? I work for a bank and the payroll department does not allow Direct Deposit into another bank.

lillazyfats81 said:Thrilla said:xpguy said:"Account requires an electronic monthly deposit of $200 or more from payroll, annuity, pension, or a business account."

Anyone know what is meant by "business account"

Actually, it now says, "Internet Checking PLUS requires an electronic monthly deposit of $200 or more from payroll, annuity, pension or third-party pre-authorized transfer."

Does third-party pre-authorized transfer include transactions from ING Direct? Can anyone confirm or deny this? I work for a bank and the payroll department does not allow Direct Deposit into another bank.

http://www.fatwallet.com/forums/messageview.php?catid=52&threadid=432086&highlight_key=y&keyword1=official

I read that thread, but it only indicates that Presidential does not consider ING transfers as direct deposits. However, the fine print states that the Internet Checking PLUS will accept a third-party pre-authorized transfer. I am not sure if this fine print was recently changed to reflect this or if there is some other stipulation found elsewhere on the site.

mcomstock said:I am curious about what a "third-party pre-authorized transfer" means as well, but I don't want to call Presidential to find out as I don't want to initiate an account review on myself. Does anyone with inside banking knowledge have specific comments?

Thrilla said:
I read that thread, but it only indicates that Presidential does not consider ING transfers as direct deposits. However, the fine print states that the Internet Checking PLUS will accept a third-party pre-authorized transfer. I am not sure if this fine print was recently changed to reflect this or if there is some other stipulation found elsewhere on the site.

Here is a link from bankersonline.com that discusses pre-authorized transfers.

Well...I called Presidential and the CSR stated that the payment has to come from an account that is not under your name. So ING will not work, neither will PayPal, nor anything else with your name on the account. I was also told that if you are self-employed, you can transfer the money via a business account as well. I am curious as to how they enforce this (or how efficiently it is done).

Darksol said:Is it really that hard for a lot of you at work to send a certain percentage of your paycheck to Presidental and then put the rest somewhere else ?yes

won't work

Quick question about atm fee reimbursement: Does Presidential have the same deal going as city national bank City or is the City Reward Checking account better since they refund all fees charged by the ATM machine?

Thanks,

Mark


BTW: in case you missed it Presidential Internet Checking is now up to 3.50 APY.

this checking account requires direct deposit of $200 each month.

If I ACH transfer $200 from Paypal, or my account at another bank, does that count as direct deposit?

They say the direct deposit should be from a business account. But what difference does that make if i'm transferring $200 each month? My imaginary employer pays me through Paypal!

1CABBY said:

From Thrilla's post above:


Well...I called Presidential and the CSR stated that the payment has to come from an account that is not under your name. So ING will not work, neither will PayPal, nor anything else with your name on the account.



blah...

I will have to set up another paypal account under another family member's name then.
having a paypal business account doesn't hide the name.

Economist said:Does anyone know which CRA credit report do they pull?

Any answers to which report they pull? My TU shows a different address from my EX and EQ and I want to avoid having problems due to that.

andyanddebbie said:andyanddebbie said:I got a letter from Presidential along with some brochures. The letter gives the routing and account numbers but my payroll lady won't start the direct deposit without a voided preprinted check. How long do those take to come?

Awnser to my own question. The account has to be opened 30 days before they order the 25 checks which are free with the account, then they can take another 2 weeks to come. It's going to be cutting it pretty close to the 2 months you have to open the account without getting service charged.

My payroll department is kind of the same way, but when I told them the above information about the timing they said they "like to have" a voided check but it is not a necessity and to send in my paperwork sans the check. I should see the deposit during the next payroll period according to them. You might want to check with yours as well....doesn't hurt to ask.