Posted by William Charles on March 1, 2017
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Published on March 1st, 2017 | by William Charles

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Unique Ways To Trigger Bank Account Bonus Direct Deposit Requirements

The majority of bank account bonuses have a direct deposit requirement, strictly speaking this is supposed to be from payroll or a government benefit. The most popular bonuses don’t have this direct deposit requirement, but you’re really missing out on a lot of value if you only focus on accounts without this requirement.

The most common is to simply do an ACH transfer from an existing account (keep in mind that you can see datapoints for what does/doesn’t work for each bank here), this works the majority of times but it seems some banks & credit unions are cracking down on these transfers that code as P2P (person to person). Below are a number of ways to uniquely meet this requirement.

  • Tax Refund. Technically your tax refund counts as a government payment and as government benefits are almost always included as a qualifying direct deposit this should always work. Remember that you can also split your tax refund as well.
  • Topcashback Payout. Topcashback (cashback shopping portal) offers the ability to get funds transferred to your bank account via ACH. This seems to work more often than a regular ACH from one of your own accounts (likely because it’s coming from a different name and also a business account so it’s not showing as a P2P transfer)
  • Prepaid cards. Often work when ACH do not, this is because they don’t show up as a P2P transfer. Unfortunately most people will no longer have access to an American Express Serve or Bluebird card.
  • Withdrawal From Trading/Investing/Brokerage Platform (e.g E*Trade, Robinhood, Fidelity etc). This likely shows up as investment income or similar.
  • Amazon Payments. If you sell things on Amazon then you should be able to request a deposit into your new account. More info here.
  • Raise.com Payout. Raise is a third party gift card exchange, if you sell your gift cards on there you can request a payout to the account you’re trying to get a bonus on. The raise account should be a business account so should be useful for meeting minimum spend requirements.

If anybody else has any sneaky ways they get around this direct deposit requirement, let us know in the comments. We will make sure to add it to our master database here.



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Anthony
Anthony

I just signed up for the targeted BOA $300 Bank Account. I’m going to try a push from my Scottrade Account. Hopefully we will get another great data point from this!

Anthony
Anthony

Whoops. Looks like I can only request a check from Scotttrade. Looks like I’m a Robinhood investor for now!

Ferris
Ferris

let me know if it works, I’m trying a PayPal Business accounts and seeing if it works

MaryJ
MaryJ

I also received the BoA targeted offer, and set up ACH transfers from my TDAmeritrade account to be the required DDs. After two full 30-day months, during which two DDs were sent and two BoA statements were generated (showing receipt of those transfers), BoA still hadn’t decided whether or not TDAM ACHs would satisfy their DD requirement. Each time I called them (several times), they told me to check with them after the next DD transfer. They had coded it some strange way that nobody on their end could decipher. They never did agree that those ACHs were DDs. I never received the bonus, and I finally gave up.

Bottom line: don’t count on brokerage account ACH transfers satisfying their DD requirement.

Sam
Sam

I wouldn’t for via BC even with employer deposits they are notorious for not paying.

Sam
Sam

For bank of america

Anthony
Anthony

Thanks MaryJ. I know BoA has been awful about paying out. I’ll keep trying and report back here!

I know Paypal didn’t work for me in the past. I’m hoping we can just get some solid datapoints for everyone!

Abey
Abey

Amazon payments:

First, you can sell something through the site and have the buyer deposit the money into your Amazon Payments account. Then, you link your payments account to the new bank account and initiate a transfer of the funds.

The other option is to deposit money into your Amazon Payments account from your current bank and then transfer it over to the new one. As long as the new bank accepts funds from Amazon Payments as a direct deposit, either method should work.

J
J

Abey, how does one deposit money *into* the Amazon Payments account? I don’t see a way to do so from my account page and according to https://sellercentral.amazon.com/forums/t/how-do-i-deposit-money-into-my-sellers-account/66138 there isn’t a way to insert money other than making sales. Am I misunderstanding something here?

kim.
kim.

Raise payouts can also be sent to your bank via ACH.

Ender
Ender

Just wondering how Huntington BP stands in this. In addition to external account transfer, they allow you to pay directly into anyone’s bank account in the bill pay section. This usually come through as something like “Huntington merchant”, so looks like this should work.

Tony
Tony

Flexible Spending Account reimbursements worked for 5/3 Checking Account bonus as direct deposit.

Sam
Sam

Here are few more.

1) If there is no restriction on amount. Remove and add account to your saving or brokerage firm. They will do small ACH transfers and withdrawal. Thats ACH
2) Chase / CapitalOne Cashback direct deposit to checking.
3) Healthcare / dependent Care Flexible Savings Account Re-reimbursements to Checking accounts

Jessica
Jessica

Can you elaborate more on #2 (Chase cashback direct deposit?)

Dusty
Dusty

I’m pretty sure he means cashing out credit card points via ACHing to the bank account you’re trying to trigger the DD requirement for.

Sam
Sam

That is correct. You can change the bank account everytime. Just do the minimum. I have initiated the cash forward 200 plus cashbook to new m & t account. So will submit do if that triggers bonus.
Another dp chase 300 bonus posted after flexible savings account direct deposit .

John
John

2) Cashback direct deposit is also available for Discover Card reward points (I’ve used it making small DDs). Very convenient: “Rewards: You can redeem rewards in any amount at any time.” ; but first add the destination bank acct to your Discover Card’s list of payment accounts via ‘Manage bank Accounts’

The Value Traveler
The Value Traveler

the key word you are looking for to make it work when you do external transfers is ACH PAYMENT….If you see that during the ‘submit’ screen, you should trigger it IME

Stuno
Stuno

Robinhood is a bit tricky because of they require you to first transfer money into robinhood from the bank in question before you can do an ACH back to the bank account.I did this for chase last year and it worked, but I was denied at first. I had to transfer $$$ from my other bank account to chase, then from chase to my robinhood account, and finally back to chase for it to work.

Eric
Eric

This is a good resource for this type of thing. This blog is good, read it everyday.

https://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/

Ryan
Ryan

It seems like in the last few months, banks began to change their coding.

CapOne360 worked all the time for months and now appears to show up a a person to person even in the smaller banks.

I am going to try using my Vanguard account (as I am banned from Serve).

Brock
Brock

How about your reimbursement for your FSA, Child Care FSA or HSA? That shows up as an ACH transfer too.

Sam
Sam

Correct . Just submitted dp for that to my original post.

momosan
momosan

SavingStar has a bank deposit option as well, although I have never used it for a direct deposit requirement so I can’t swear it would work. You need $5 to payout and it should be too hard to rack up a few bucks. I think I average $10/month on Savingstar and I’m not trying very hard.

My Amazon seller deposits counted as a direct deposit, although I wasn’t using them for that, and I no longer am a seller (fee increases killed me last year as a small FBA seller).

momosan
momosan

sigh…typos. Shouldn’t be too hard.

Ann
Ann

“Unfortunately most people will no longer have access to an American Express Serve or Bluebird card.”

Could someone explain/clarify that bit?

Adam D
Adam D

New users can still, but every few months it will get shutdown. In the search box search for “serve” and read up on it.

Ann
Ann

Thanks, I hadn’t heard about that. https://www.doctorofcredit.com/another-wave-serve-bluebird-shutdowns/ – Axl’s comment is especially disturbing, sounded like very normal non-churner usage but still got terminated.

Dave
Dave

When you push from Schwab, be sure it is from the brokerage account,
and not the attached checking.

Tortoiseshell
Tortoiseshell

I fell into that mistake. Oops!

Ben
Ben

How about venmo?

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