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newB 03-19-2013 09:48 AM
Direct deposit banking question
 
I am wary about giving out my banking account info, though direct deposits would certainly make things considerably easier. It seems to me that a disreputable program might use that info to withdraw funds. I asked my banker about this and he said that it was technically possible and that I might consider adding a separate account to receive monies that I would then transfer to my actual account.

Has anyone had something like this happen to them, or am I worrying myself needlessly?

blackmonsters 03-19-2013 10:34 AM
You should open a different account and use that for direct deposit.
A savings account is probably free and it should work for direct deposit.

Having more than one bank is also good.

blackmonsters 03-19-2013 10:36 AM
You can also use greendot card for direct deposit; but there is a limit on the card.
I don't remember what it is but $1500 is close if it hasn't gone up.

SmutHammer 03-19-2013 10:44 AM
Anytime someone tells me they want direct deposit I move to the next designer, content producer or programmer Whatever the case is. Paypal is much easier for transferring funds.

Barry-xlovecam 03-19-2013 10:59 AM
Keep a small account for Debit Card purchases and ACH transactions (Direct Deposit) it's a way of limiting any loss. ($500 - $2,000 balance?)

newB 03-19-2013 11:02 AM
Quote:
Originally Posted by blackmonsters (Post 19535343)
You should open a different account and use that for direct deposit.
A savings account is probably free and it should work for direct deposit.

Having more than one bank is also good.
Wouldn't the savings account still be linked to the business account. So, even if the savings account had a net balance of $0, attempted withdrawals on that account would still get pulled from the operational account.

Quote:
Originally Posted by blackmonsters (Post 19535351)
You can also use greendot card for direct deposit; but there is a limit on the card.
I don't remember what it is but $1500 is close if it hasn't gone up.
I've seen those at gas-stations. I'll have to look into that as an option.

Thanks. :thumbsup

Just did a quick search and see that the card balance limit is $10,000 with direct deposits - though withdrawal limits are $400 per transaction via a bank teller (with a $2.50 fee per transaction), or daily $400 ATM withdrawal limit with no fee.

https://www.greendot.com/greendot/about-our-products

Certainly an option to look into.

Thanks again.

slapass 03-19-2013 11:08 AM
Open a second account and don't link them. If you are in the US most banks allow this. The info you give for direct deposit is the same as what is on your check. So basically if they can withdraw money that way so can anyone who has seen your check.

blackmonsters 03-20-2013 10:06 AM
Quote:
Originally Posted by newB (Post 19535432)
Wouldn't the savings account still be linked to the business account. So, even if the savings account had a net balance of $0, attempted withdrawals on that account would still get pulled from the operational account.



I've seen those at gas-stations. I'll have to look into that as an option.

Thanks. :thumbsup

Just did a quick search and see that the card balance limit is $10,000 with direct deposits - though withdrawal limits are $400 per transaction via a bank teller (with a $2.50 fee per transaction), or daily $400 ATM withdrawal limit with no fee.

https://www.greendot.com/greendot/about-our-products

Certainly an option to look into.

Thanks again.
Oh wow! I didn't know greendot can go up to $10k!

You can still do the savings account though. You would start a whole new account with
a different name. "Newb2", thats good enough. That account will not be linked to any other accounts unless you ask for it.

selena 03-20-2013 11:27 AM
I have a sweep account that all paypal money, direct deposits, etc, go into and come out of. It's at my same bank, but not connected to my other accounts. I just transfer stuff in/out of it as needed. I only keep around $50 in there on a regular basis.


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