Direct deposit payments

I'm still relatively new at this, with about 4 months under my belt. I've been doing quite a few bank shops and evidently deals are better if you have direct deposit.

I've also noticed that some offer MS companies offer direct deposit as their payments. Would these type of payments meet the bank's criteria for direct deposit accounts?

I figure it would be frowned upon if I asked the banks about this.

AND if this method of payment method does meet bank criteria, is it necessary to tell a given bank what your position is with a given company?

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It is not necessary to tell the bank what your position is. But... as far as meeting the criteria, that varies by bank. I had an account I used that to get the free amount you had to have a single deposit of $150.00 per month. I found myself taking FF shops I really did not want to do from MF just so that I would make sure my check from them was over that amount. I later changed banks. Some banks do not have minimums and some banks minimums are much higher.

Basically all you need from the bank is a routing number and an account number, be it checking or saving. What I did I open a new saving account with my bank with $500 from another account. This way there is enough funds in the account to avoid monthly fees.

Then, when my MS direct deposits reach $500 or more, I paid myself back and now everything in the account is only MS and direct deposits. Plus while the MS payments are at least monthly, one can avoid fees. This comes in handy cause you don't want the balance to drop because the are charging fees for holding your money. That would defeat the purpose.

Thanks for the responses.

The checking that I have is completely free now. I AM a bargain hunter by nature and always trying to find out any given set of parameters that might save me money or generate a benefit.

PLUS, I figure that if it's feasible to have free token accounts at a few banks I could qualify for bank shops that need you to be a customer. I'm ALWAYS crunching numbers, in an attempt to get the best deals.

They may meet the criteria for bank's 'direct deposits' to secure a no fee account or other perks, but beware the possibility of being made as a shopper.

For example, if you have your Market Force payments put into your account by direct deposit, bank employees can see this or even search your account if they suspect you are a shopper. If they don't know what Market Force or other companies shown on your account do for their business, it is just a few keystrokes on Google to find out. For that reason, I maintain an account at a bank I never mystery shop. All my mystery shopping checks and direct deposits go into that bank.

Happily shopping Rhode Island and nearby Massachusetts and Connecticut

I never thought of that. I don't intend to ever shop my bank and that will be that!

I get charged if I don't deposit enough money into a new account I set up for mystery shopping.

Paypal and Payquicker are not considered 'deposits.'

The are transfers, so I choose direct deposit when I can.

I've already asked about the Paypal because I also sell online. I'm just trying to figure out "exact parameters", for future reference. I also get occasional ads from banks with deals for direct depositor new accounts, so, ...

... I'm just trying to figure out how to best work with it.

If the direct deposits were coming from different companies how would a given bank guess that I'm a shopper?

Some of the checks will have a company name that reflects mystery shopping.

Mary Davis Nowell. Based close to Fort Worth. Shopping Interstate 20 east and west, Interstate 35 north and south.

I have a checking account with Woodforest National Bank. They are located in all Walmart stores and there is no fee. I have dozens of direct deposits every month, some as low as $4 and have had no problem. I also use the debit card for all my mystery shop purchases. Last month there were over 60, and no problems. I like this bank because because no matter where you go in the U.S., you will find a Walmart and can use the ATM with no fees. It does take 3 business days for the paypal money to transfer, so if you do the transfer on Friday, the deposit shows up the following Wednesday. This is the only downside I could find. This account is used exclusively for mystery shopping so I can easily transfer data into my Quicken tax return software and have the categories all setup for tax time as well. Since it is the beginning of the year, it is a good time to get this going if you decide to go this route.
BTW, I opened this account with a MSC shop and it was bonused so I walked with a cool $150 and a another bonus from WFB of $25 for opening a new account!!

That bank isn't in all Walmarts. There are none in my state.

Equal rights for others does not mean fewer rights for you. It's not pie.
"I prefer someone who burns the flag and then wraps themselves up in the Constitution over someone who burns the Constitution and then wraps themselves up in the flag." -Molly Ivins
Never try to teach a pig to sing. It's a waste of your time and it really annoys the pig.

Correct. Here we have the First Convenience Bank in the Walmarts.

Mary Davis Nowell. Based close to Fort Worth. Shopping Interstate 20 east and west, Interstate 35 north and south.

I stand corrected...."Today Woodforest has over 750 branch locations throughout Alabama, Florida, Georgia, Kentucky, Louisiana, Illinois, Indiana, Maryland, Mississippi, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia, and West Virginia".

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Direct deposit payments

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