PayPal Deductions

Do you contract with any MSC's that charge you to have your pay sent to PayPal? I just found that Second to None charges $1 but will allow free bank direct deposits. I prefer to avoid providing bank routing information.

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I have a savings account and I have the direct deposits go there if the MSP offers it to go to savings.
MScs pay a fee to use PayPal. Some, like Second to None, charge the shopper that fee. I have always had direct deposit from Second to None because I didn't want to pay the fee. I actually prefer direct deposit to PayPal. Of course, I use a specific account for my MS direct deposits and the balance is relatively low.

Why not open an account specifically for your MS business? You can probably get a shop to open the account so you'd get paid to do it. Many banks offer a free account if you do direct deposit, and there is no reqiurement that the direct deposit amount be large. I recently opened a Wells Fargo account for a nice bonus. Since the account is free with direct deposit, I am keeping it and I have one of my MSC payments going to it.
You can check the internet website of the various banks to look for any provisos on those free accounts. Sometimes it is free with a substantial minimum balance, sometimes it is free with direct deposit and sometimes the direct deposit must be at least $500 per month. Where there are requirements the fees any month the requirements are not met can be double digit. More frequently you will find a savings account has less requirements and money from Paypal can be transferred there or direct deposits sent there.
Wait.... What's the issue of setting up direct deposit to your main checking account?

Shopping the Greater Denver Area, Colorado Springs and in-between in Colorado. 31 year old male and willing to travel!
Many shoppers want to operate separate accounts for their business and their personal lives. Tastes may differ. Certainly when I was married I would have run the funds into a separate account or any attempt at saving for a specific goal would have been toast.
@shermb wrote:

Do you contract with any MSC's that charge you to have your pay sent to PayPal? I just found that Second to None charges $1 but will allow free bank direct deposits. I prefer to avoid providing bank routing information.

While you prefer to not "provide bank routing information". Every check you cash sends some type of information to the original source. To mostly in order to cash or release your money from one source to another. It is almost like a financial paper trail. Go for the DD. You won't have to worry about why you MS ceck is less than it should.:-)

Edited 1 time(s). Last edit at 11/18/2016 05:40AM by sojo917.
Check with your regional and local banks and credit unions for minimal cost accounts.

Credit unions offer savings accounts for no fee if you keep $5 in it. Harland Clark and Kinesis shop credit unions in my area.

Regional and local banks offer free accounts to be competitive with the big banks. Check with Sinclaire and Pinnacle for shops.

"There's so much trouble in this world; surrounded by miracles" - Citizen Cope
American Express has a BlueBird Checking account partnered with Walmart. Free with Direct Deposit. Not sure if there is a minimum. It's all done online or mobile app. Should you receive a check from an MSC you can deposit it with the App. The best part is this account cannot be debited via ACH, so no worries if a crooked someone get the Routing number and Account Numbers as it would be useless. There are also AMEX discounts with their partners and if you shop at Walmart you can have your Savings Catcher Cash Back bonuses sent to your AMEX Card! *Some restrictions apply and are subject to change without notice.
LOL, Just kidding about the last part!
Walmart now has two banks? I wonder how long before they take over the world.

"There's so much trouble in this world; surrounded by miracles" - Citizen Cope
If you are considering a savings account just remember the Federal limit on withdrawals. I believe the limit is 6 per month.
Yep, it's six withdrawals per month. In person withdrawals don't fall under this regulation.

I shop my primary bank. The checks from that MSC go into my savings account with Crappy Credit Union. I use that money to pay my car note (once a month). I was on a shop at CCU, and set up the payment with the banker. He had a fit, stating that I couldn't use a savings account like that. I had to remind him of Regulation D.

And it's a wonder why I call the Crappy Credit Union.

"There's so much trouble in this world; surrounded by miracles" - Citizen Cope
@Tarantado wrote:

Wait.... What's the issue of setting up direct deposit to your main checking account?
The issue is that I don't want anyone having access to my main checking account. If you've ever had to deal with the frustration of a PayPal chargeback, you'd agree.

Now scheduling travel shops for the day after Christmas through mid-January.
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