Many bank promotions require that you set up Direct Deposit in order to be eligible for the offers. Here’s a guide on some tips and tricks on meeting this requirement.
While there are a few bank bonus offers that don’t require Direct Deposit, most of the higher value promotions do.
The terms and conditions of most bonuses state that a Direct Deposit must be an “electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government“.
If you have no trouble sticking with those guidelines, then it’s smooth sailing to receive your bonus money. However, there are many people who don’t have the option of getting their paycheck directly deposited by their employer, and many more who don’t qualify for governments benefits.
We’ll go over some of the best options/alternatives below.
*Another reason to learn about Direct Deposit alternatives is because many of today’s Checking accounts require Direct Deposit in order to avoid some monthly fees.
**IMPORTANT** One of the things I can’t stress enough is that one singular method is not GUARANTEED to work for everyone. All of the alternatives below are Your Mileage May Vary(YMMV).
First, The Options:
*Amazon Payments used to be an option, but I’ve removed it as it’s no longer viable.
- ACH Transfers. Automated Clearing House (ACH) Transfers/Push are available through all banks, because it’s a free way to transfer money between financial institutions. It’s also quick, taking typically 2 business days for transfers. This is the most popular alternative to meet Direct Deposit requirements. People often try to do an ACH transfer from a different bank account they own into the new one.
- Capital One 360 Online Checking. This is an online checking product that allows for ACH transfers and Person2Person payments (a way to send money to anyone using their email – similar to Chase Quickpay). It’s a popular option to fulfill Direct Deposit requirements because you control everything online and it avoids all the monthly fees that traditional banks require. Another plus is you can earn up to $1,000 in bonus money with referrals. Read about the Capital One 360 Bonus here. Sign up for Capital One 360 Checking.
- Paypal. You’ll find limited success using this currently. Basically, you simply add your new bank account to your PayPal profile and then withdraw the balance from your PayPal account into your bank account.
**MUST READ TIPS**
- Because none of the above alternatives will work with ALL bank bonuses for sure, I recommend using a combination of the above options.
- The good thing is, you’re basically just shifting your own money with really no risk of additional fees.
- If you’re planning on signing up for a good number of new bank promotions, prepare by setting up those above options first.
Based on personal reports from popular finance forums, I’ve compiled a list of banks that often offer bonuses and which Direct Deposit alternatives have(or haven’t) worked. Please comment below with any personal experiences you might have.
Disclaimer: *This information is forever changing, so there is no guarantee these other methods of meeting Direct Deposit requirements for bonuses will always work.:
*YMMV (Your Mileage May Vary)
If a bank/financial institution’s name is listed, that means using ACH through them was reported as successful.
|Bank||Reportedly Triggers DD||Doesn’t Trigger DD|
|American Express Bluebird||Amazon payments|
|American Express Serve||Ally, Paypal, CapitalOne360, Santander ACH push|
|Anchor Bank||Discover ACH|
|Associated Bank||Ally, NFCU ACH|
|Avidia Bank||Capital One 360 ACH|
|Bank of America||Emigrant, E*Trade, Fidelity Money Line, HSBC, Capital One 360||ACH Transfer, Ally ACH, Paypal, BofA user to user transfers|
|Bank of New York||HSBC, ACH|
|Bank Of The West||Emigrant, Capital One 360, Paypal, Schwab ACH|
|BMO Harris||Alliant ACH, Discover ACH, Schwab Transfer||Capital One 360, Paypal|
|Capital One||Capital One 360|
|Capital One 360||Alliant, ACH, Discover, Capital One 360|
|Charter One||Capital One 360, ACH||Paypal|
|Chase||E*Trade ACH, Bank of America ACH, Amex Serve, Amex Bluebird, Citibank||Paypal, Capital One 360, KeyBank ACH|
|Citibank||ACH, Amazon payments, Emigrant direct, Fidelity ACH, Capital One 360||Paypal, Schwab Brokerage money link transfers|
|Citizens Bank||ACH, Capital One 360|
|Commerce Bank||Paypal, Capital One 360|
|Community West Credit Union||ACH|
|Compass Bank||Capital One 360|
|Discover||Ally, Amazon Payments, Bank of America Business ACH, Capital One 360, Fidelity, Paypal, Serve, TD Ameritrade|
|E*Trade||Capital One 360, ACH|
|Fifth Third Bank||Capital One, Discover ACH, Huntington, USAA ACH, Capital One 360, Paypal, Amex Serve, Tax Refund|
|First Mark Credit Union||ACH, Alliant ACH, Ally ACH|
|First Niagara Bank||Alliant ACH, Ally ACH, Amex FSB ACH, Bank of America ACH, Capital One ACH, Capital One 360 ACH, Chase ACH, Discover, HSBC ACH, Paypal, State Farm ACH|
|First Tennessee Bank||ACH, Alliant, Ally, Capital One, Capital One 360, Capital One Savings, Charles Schwab, Chase, Discover, Paypal, Santander, Schwab Brokerage, USAA, Venmo|
|First Trade Union Bank (FTUB)||Capital One 360||Ally Bank ACH, Chase ACH|
|Great Lakes Credit Union||ACH, Chase|
|HomeStreet Bank||Citibank, Paypal, Provident Credit Union|
|HSBC||Capital One 360, Paypal, ACH|
|Huntington Bank||Amazon Payments, ACH Transfers, Bluebird, Capital One, Paypal|
|Key Bank||Paypal, ACH, Discover, Schwab Brokerage|
|Lake Michigan Credit Union||ACH|
|M&T Bank||ACH, Ally, Ameritrade, Barclays Savings, Capital One ACH trial deposits, Capital One 360, Chase trial deposits, Chase ACH, Citi ACH trial deposits, Discover, HSBC, Paypal, Paypal trial deposits, PNC test deposits, Schwab, USAA, Venmo|
|Mango||Alliant, Amazon Payments, Bluebird, Fidelity, Capital One 360, Paypal|
|Meadows Credit Union||ACH|
|Nationwide Bank||Amex Serve, Capital One 360 ACH, Fidelity, Paypal||Ally ACH, Random ACH|
|NorthWest Savings Bank||ACH, Schwab One|
|NuVision Federal||Amazon Payments, Ameritrade, Schwab Brokerage|
|Old National Bank||PNC ACH|
|Pinnacle Titans Bank||Paypal, Discover|
|PNC||ACH, Alliant, Amex Serve, Amex Redbird, Capital One 360, Discover ACH, Fidelity, Paypal, Fidelity||Ally ACH, E*Trade|
|Popular Bank||Capital One 360, Chase ACH|
|Principal Bank||Capital On 360, HSBC|
|Regions Bank||ACH, Capital On 360|
|Salem Bank||E*Trade, ACH||Paypal|
|Santander Bank||ACH||ACH coded as P2P such as Ally, Citi, Nationwide, PNC, US Bank will not work|
|SchoolsFirstCU||Capital One 360|
|Security Service FCU||Paypal|
|SunTrust||Ally ACH, ACH, Discover, Paypal, ING, TCF, Capital One 360|
|Tech CU||Ally, Capital One 360, Charles Schwab, Citi, Discover, PNC, Schwab, Synchrony|
|US Bank||ACH, Alliant, Paypal|
|USAA||Capital One 360||ACH, Paypal|
|Valley Bank||Capital One 360|
|Wells Fargo||Capital One 360(maybe), Ally, Charles Schwab Money Link||Mixed reports (YMMV)|