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Bank Question - Can I do a direct deposit into a savings account ... or is it only for checking acct's? |
I have a savings account but due to my credit systems report I cannot open a checking account. My questions are 1.) Can I direct deposit work checks into a savings account and 2.) Can I setup directing bill payments with savings account You can have your direct deposit set up for any account, just give them the account #, but your bank must coinside with your work, or they usually won't let you get d.d. 1. Yes 2. Depends on your bank rules. You can direct deposit into a savings account. Get the savings account routing number from your financial institution. Another option is to look into online banking such as NetSpend. You can have a Visa and Bill Pay. There are some fees associated, but if you make the one time fee payment of about $60 to $70, that would eliminate a lot of individual fees. You can go to http://www.netspend.com and check them out further. If I can be of further assistance, let me know. pktull@yahoo.com http://www.geocities.com/pktull... http://www.netspend.com Yes you can make it out to either it's totally up to you. You can deposit into the savins account and you can pay some bills out of it, but savings accounts have a limited amount of transactions per month or quarter you can do so find out the limit . I believe they will not charge if after your check hits you get money orders for your bills. It depends on your banking institute. But I know myself, when I started working where I currently am, I had to open a chequing account for my pay because my bank doesn't do direct deposit into savings accounts. And majority does not allow this. Also, your credit system has no say in whether or not you can open a chequing account. My credit sucks and I have not one but 2 different chequing accounts for different bills that come out of them. I don't have cheques mind you, but a bank card instead. |
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