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My BOA MyAccess checking account requires either DD or minimum balance of $1500 to waive monthly fee. Does anyone know if the citibank ACH push to bank of america checking account considered as direct deposit? If so any minimum ACH amount? If this works I can simply schedule a monthly transfer from citibank to BOA. Thanks.

ps: the top page shows yes, not sure if it is updated, would like to confirm.

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chitrader said: My BOA MyAccess checking account requires either DD or minimum balance of $1500 to waive monthly fee. Does anyone know if the citibank ACH push to bank of america checking account considered as direct deposit? If so any minimum ACH amount? If this works I can simply schedule a monthly transfer from citibank to BOA. Thanks.

ps: the top page shows yes, not sure if it is updated, would like to confirm.


I have been pushing in $10 from Fidelity into each of my 3 BOA MyAccess checking accounts for the last several months and no fees so far.

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alanmax said: chitrader said: My BOA MyAccess checking account requires either DD or minimum balance of $1500 to waive monthly fee. Does anyone know if the citibank ACH push to bank of america checking account considered as direct deposit? If so any minimum ACH amount? If this works I can simply schedule a monthly transfer from citibank to BOA. Thanks.

ps: the top page shows yes, not sure if it is updated, would like to confirm.


I have been pushing in $10 from Fidelity into each of my 3 BOA MyAccess checking accounts for the last several months and no fees so far.


Thank you!

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ToC on chase "free" checking, in exact terms:

Have at least one direct deposit of $500 or more. The direct deposit, which must be an ACH credit, may include a payroll, pension or gov benefit payment, such as social security;

If I read that right, ANY ACH $500+ gives it free, and the ACH MAY be from standard DD sources, but it doesnt say it MUST be those and only those sources.

In any case, new chase checking also says no ACH pull OR push, no limits since its a checking account... Im thinking of turning into a hub.

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ducky282 said:
If I read that right, ANY ACH $500+ gives it free, and the ACH MAY be from standard DD sources, but it doesnt say it MUST be those and only those sources.

Careful. The term "direct deposit" was used. Regardless of the examples (which are provided to help laypeople understand what a DD is), the definition of direct deposit is technically in play. Is Chase going to sweat you over this if your ACH is non-DD? Most likely not, but the risk is yours. You should be prepared to pay a fee for one month if Chase decides to start enforcing it without warning.

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more then likely, i would suspect that a minimum $500 ach push in to Chase Checking would continue to work much as a small ach push in has been working up until now for that same purpose....
i would say that rather then just close it, try it for the first month after it changes over and see if that will do it...and if it does, you could simply set it up on "auto-pilot" from your other bank to push in to them on one day and then pull it back the next...easy enough and a very minute amount of interest lost for the short time this small amount goes over to them each month...

by trying this experiment you only get risked getting dinged with the fee 1 time...i would think it would be worth trying...you might even be able to get them to reverse that one fee (a courtesy reversal) if you talk nice on the phone and play "dumb" about what qualifies...

Chase has always defined a direct deposit to be the categories that is listed for this changeover, and yet, ACH always worked fine...so unless they made a drastic change in their computer set up it may well continue to work...it just may simply look at the actual amount now to see if it "makes the grade"...

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Smooth said:   OTOH ... the link.

"Monthly Service Fee
"None when you have 5 or more debit card purchases (withdrawals from the ATM or cash advance transactions do not qualify) or a direct deposit post to your account during each statement period. The direct deposit qualifier changes to at least one direct deposit of $500 or more and takes effect with the statement periods beginning February 8, 2011. Two or more direct deposits that add up to $500 or more but do not individually equal or exceed $500, do not qualify; otherwise $6 per month."

vicester said: OTOH, Chase will impose a $500 min. on meeting DD requirements, starting Feb.


will a ACH transfer from citibank work with chase? I have a citi and chase checking account and currently I receive ACH deposits from chase (originally WaMu) in the amount of $1. I can transfer money to chase for free but I'm just wondering if those transfers will count as direct deposits or not. I'm primarily interested in avoiding the monthly fee on the once "free" checking account.

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In light of the ING offer for $83, what does ING count as DD?

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disappointed in BOA. . . trying to force low balance customers away from their tellers and drive-ups. i wonder if this is so they can outsource the labor to overseas voice communications and online banking?

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I'm a newbie at all this banking stuff but I have a few questions.

1. Can I withdraw $500 from my Chase into Paypal then have Paypal send back the $500 later?
2. Do I have to ask the banker to sign me up for direct deposit if question #1 works?

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Yes and No

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M&T bank-paypal works as DD for the bonus

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i have a saving account with ing. can i use that to make transfer? what do i need to provide to ing about the bank i want to transfer to(or from?)? thanks,

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knashley1 said:   In light of the ING offer for $83, what does ING count as DD?

I'm wondering this too. Would a paypal transfer to ing count as a dd?

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KJI85 said:   knashley1 said:   In light of the ING offer for $83, what does ING count as DD?

I'm wondering this too. Would a paypal transfer to ing count as a dd?




Trying an Alliant push and hoping it works...

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knashley1 said:   In light of the ING offer for $83, what does ING count as DD?

what is the $83 ING offer?

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It seems by what some people are saying paypal and ING are not longer working as DD with chase. Does anybody have any experience of what works with Chase in terms of ACH Push as DD from within the past couple of months?

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**sry double post**

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Does ING and paypal no longer count as DD with Chase?

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Can anyone confirm if ACH to Flagstar works as DD? Thanks.

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vicester said:   ducky282 said:
If I read that right, ANY ACH $500+ gives it free, and the ACH MAY be from standard DD sources, but it doesnt say it MUST be those and only those sources.

Careful. The term "direct deposit" was used. Regardless of the examples (which are provided to help laypeople understand what a DD is), the definition of direct deposit is technically in play. Is Chase going to sweat you over this if your ACH is non-DD? Most likely not, but the risk is yours. You should be prepared to pay a fee for one month if Chase decides to start enforcing it without warning.


What exactly does the term "direct deposit" mean? The wikipedia page (I know this isn't an official source) defines it simply as a payment that uses the Automated Clearing House. Also, on this page http://www.google.com/search?aq=f&sourceid=chrome&ie=UTF-8&q=def... most definitions make it seem like payroll is not the only form of DD (again, not an official source).

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zjts said:   knashley1 said:   In light of the ING offer for $83, what does ING count as DD?

what is the $83 ING offer?


ING OFFER

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I do not know about ING, but PAYPAL no longer qualifies at Chase.

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jetsfan92588 said:   
What exactly does the term "direct deposit" mean?

It was discussed deeply a couple pages back. Here's a good post on what a genuine DD really is. Also see my post on the topic, where I have included links to a bankers dictionary.

The thread herein is primarily concerned with non-DD transactions that appear to be a DD transaction, for the purpose of fooling the bank. It would also be interesting to start a thread on easy ways to create a genuine DD. E.g. one way would be to configure a FIA (former Schwab) credit card account to distribute rebate money to any bank account. Although the amounts are small, it would be a genuine DD. Ironically, rebate distributions would be a false negative at banks that have a $500 min. transfer requirement.

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Confirmed PAYPAL does not work at chase. I do not know about ING.

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vicester said:   jetsfan92588 said:   
What exactly does the term "direct deposit" mean?

It was discussed deeply a couple pages back. Here's a good post on what a genuine DD really is. Also see my post on the topic, where I have included links to a bankers dictionary.

The thread herein is primarily concerned with non-DD transactions that appear to be a DD transaction, for the purpose of fooling the bank. It would also be interesting to start a thread on easy ways to create a genuine DD. E.g. one way would be to configure a FIA (former Schwab) credit card account to distribute rebate money to any bank account. Although the amounts are small, it would be a genuine DD. Ironically, rebate distributions would be a false negative at banks that have a $500 min. transfer requirement.

Just because examples are given of direct deposits doesn't mean that direct deposits are limited to those examples. That's why I've seen a number of banks qualify "direct deposit" with "direct deposit from payroll, pension or Social Security" or similar phrasing. The fact remains that a direct deposit is a credit to one's bank account that occurs through the Automated Clearing House (ACH) system. The source of the credit is immaterial.

If the bank only states that a direct deposit is required, usually an ACH transfer of funds is sufficient. Reward Checking Accounts are a good example of this; most require either an ACH credit (which they often term as "direct deposit") or an ACH debit to meet their ACH requirement. A few, however, will only accept specific forms of direct deposit.

The notion of whether a direct deposit is "genuine" or not depends on what the bank states, not some attempt at coming up with a definition of direct deposit that fits that idea. If a bank states that only certain sources for direct deposits are accepted, yet seems OK with a source not on their list, then it's a personal decision whether or not to take advantage of it. If a bank doesn't say a particular form of direct deposit is required, yet imposes restrictions, then the bank should have been more specific. If the bank simply says "direct deposit" and accepts direct deposit from payroll or your Citibank checking account, no deception is involved.

ETA: Since the poster below insists that his cherry-picked definition of "direct deposit" is the correct one, please see this Google search for: "direct deposit" definition. The definitions vary, but all have in common that a direct deposit involves an ACH credit to one's account.

When a bank says "direct deposit" without specifying its form, I'm not going to automatically assume that it must come from payroll, social security, pension, or anywhere in particular, unless the bank states explicitly states it. If it's not stated in the terms, I can always ask the bank how they define "direct deposit" for meeting the particular account or promotion requirements or I can try an ACH transfer of funds from one of my acounts at another bank to the bank in question and see if that meets the direct deposit requirement.

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glxpass said:   
Just because examples are given of direct deposits doesn't mean that direct deposits are limited to those examples.

That was my point. Examples help laypeople understand, but they won't help alter the meaning by deriving an example that is partially similar.

glxpass said:   
The fact remains that a direct deposit is a credit to one's bank account that occurs through the Automated Clearing House (ACH) system. The source of the credit is immaterial.

This "fact" is what you continually fail to substantiate. You don't have the facts straight yet. See the bankers definition. The term is nowhere near that loose.

glxpass said:   
If the bank only states that a direct deposit is required, usually an ACH transfer of funds is sufficient.

You're fusing what happens to work back into the definition. That's backwards. This is how people get burned. To craft your own definition so that it bends to your needs only creates an illusion. You'll obviously get some green for telling FWFers what they want to hear, but that doesn't make it so. Call a spade a spade -- It doesn't mean you can't fool the system, and your expectation is at least realistic.

glxpass said:   
Reward Checking Accounts are a good example of this; most require either an ACH credit (which they often term as "direct deposit") or an ACH debit to meet their ACH requirement. A few, however, will only accept specific forms of direct deposit.

You've bent the definition, and now you have to add fuzziness to compensate where your definition lacks. The problem is, if you make a legal claim against the "few" you're referring to above, who have not written any exclusions but proactively excluded non-DD ACH transfers from oneself, you'll be laughed out of court for using your own self-serving definition, not the bankers definition.

glxpass said:   
The notion of whether a direct deposit is "genuine" or not depends on what the bank states, not some attempt at coming up with a definition of direct deposit that fits that idea.

Absense of a definition does not mean the client can supply their own. This carries no weight against the definition of the industry. Otherwise clients could write themselves a paper check, call it a DD, and take action if it doesn't pass because ACH wasn't specified explicitly (it rarely is).

glxpass said:   
If a bank doesn't say a particular form of direct deposit is required, yet imposes restrictions, then the bank should have been more specific.

"Should have been" specific for whose benefit? The proof is in this thread as far as who benefits from ambiguity. The bank obviously benefits, evidenced by the fact that clients get burned, it's not legally actionable, then clients enter this thread to discuss what works and what doesn't, and which banks have started enforcing against transactions not fitting the genuine meaning of the term. The game of trial and error would not be needed if the definition of "direct deposit" were to match what you're proposing -- as the banks would then be legally forced to elaborate on alterations to the accepted meaning, which has achieved common vocabulary status.

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Im trying to get the chase checking bonus, is it possible to deposit money from an online poker site like PokerStars to count as DD to my chase account?

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I'm trying ING for Chase this month now that my account requires $500 in direct deposit (after getting 2 courtesy fee reversals). I will report my results back in a month...

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I just opened a chase checking account and pushed 500 dollars from Ally bank. Got the bonus within a week so still works.

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Can anyone report if a monthly transfer from a Bank of America account to another Bank of America (different account owner) counts as a direct deposit to waive the fee?

Thanks!

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I opened a Chase checking and have pushed $500 multiple times from ING Direct (starting 20+ days ago) and it does not work. Chase customer service says it must be direct deposit.

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^^^did you get the bonus? That should be your cue. Dont call. It works or it doesnt...

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maddybeagle said:   ^^^did you get the bonus? That should be your cue. Dont call. It works or it doesnt...

Are you asking me?

No bonus. When asked why it was because I didn't have what they considered a legit direct deposit (ING). It needs to be payroll or government direct deposit. I'm going to try Ally next.

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I also tried with ING (p2p payment) and it didn't get a bonus. Tax rebate to same account also failed. I don't have Ally so didn't try that. I did get the savings bonus, so it's not because Chase has it in for me

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Just edited the summary to remove ING for Chase.

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Anyone knows if `ACH credit' in PNC is `ACH push'?
My DD is appeared as ACH credit, as well as those who transfer money to me (either from the PNC or Chase)
I searched the thread but seems not confirmed answer.

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Just back to confirm that Ally bank DOES count for Chase. I finally got my bonus!

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Chase open online on 4/22.
ING p2p $510 on 4/29.
Amazon payment $500 on 5/4.
Bonus posted on 5/10.

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yo rfclub...i stopped using ING and use Bank of Internet instead and like it better...wondering if Chase would acknowledge a push from BofI as a DD...anyone know? I looked up my only real DD from Social Security and it doesn't show as DD...does anyone know what a DD looks like on a bank statement?

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