Bring in extra $$ - what do you do to pay for that vacay?

[ruadisneyfan2]

DH and I are both retired, so no paycheck to direct deposit. (we aren't collecting SS checks yet either) Trying to find out if there's a way we could do this. What is a "standard ACH/billpay transfer"?

Our local bank lets us use the Bill Pay feature to pay individuals. So we would list ourselves but with the bank account that we are trying to mimic a direct deposit.
Other times, we could just link our regular bank or a secondary, online checking account such as Ally.com. They make it very simple to link an external account (after verifying that you are the owner) and you can just transfer from Ally to the other account that needs a direct deposit.

On DoctorofCredit.com they list which banks work and which banks don't for mimicking a direct deposit, based on people posting what worked to trigger the bonus. Some banks are very easily fooled. Some are tighter than a frog's azz. Like Chase. Seriously, only a real direct deposit works with them.

I'm lucky to have a job where I can easily log onto our website and change my direct deposit to suit whatever requirement is needed to get the bonus. I wouldn't bother if I had to meet with someone in HR and fill out forms like in the old days.

Each bank offering a bonus is very specific how to qualify for the bonus and how long the account needs to stay open and how to avoid any bank fees such as minimum balance or minimum amount of direct deposits in each statement cycle.

I kept meticulous notes to keep track of money going here & there such as "on March 1 I applied to PNC bank and received instant approval. Initial funding borrowed from 2025 cruise savings. On March 10 I pushed 1000 dollars from Chase to PNC Bank. Bonus posted June 5. Moved all funds back to cruise savings on Sept 8. Closed account by online chat on Sept 10."
Sometimes it feels like playing the shell game when you have like 20 checking accounts to keep track of and each need a "direct deposit" to avoid the monthly service fee. My notes always seemed so mundane but plenty of times they were helpful when I had to look back at what I had done months ago.

This is why I can't get involved with it these days because I am afraid with the time committment I need to give my father, I know would foul something up, miss some deadlines and get socked with a bunch of monthly fees for failing to meet the requirements to avoid said fees. Sometimes accounts need to stay open for 6 months or a year so it's still something to keep track of even after the bonus posts.

None of this is fraudulent. I use my real name, SS#, DL, etc. Some accounts I still have open such as Capital One 360 and Santander. They both served as good hubs to push money to mimic a direct deposit.

It's not a lot of work but it's small bits of work at a time with frequent follow ups.

HTH. Good luck!

 

[bighuskermav]

DH and I are both retired, so no paycheck to direct deposit. (we aren't collecting SS checks yet either) Trying to find out if there's a way we could do this. What is a "standard ACH/billpay transfer"?

In general - add the new bank account as an “external account” on your existing bank’s online banking platform/app. Then, push money from old bank to new bank. It usually goes through the ACH system and new bank might not be able to tell the difference on whether it’s a DD or a normal transfer.

3rd party apps likes Zelle will generally not work. As always, YMMV

 

[ruadisneyfan2]

DH and I are both retired, so no paycheck to direct deposit. (we aren't collecting SS checks yet either) Trying to find out if there's a way we could do this. What is a "standard ACH/billpay transfer"?

Sorry, I just re-read your question. If you're tranferring money from your retirement fund to your bank, you would change the designated bank where that transfers into. Personally, I would not risk that. They are very tight with security for those funds because they're so much larger amounts compared to regular banking.
That is not an account you want to keep changing linked accounts every few months. JMHO

 

[crazymomof4]

In general - add the new bank account as an “external account” on your existing bank’s online banking platform/app. Then, push money from old bank to new bank. It usually goes through the ACH system and new bank might not be able to tell the difference on whether it’s a DD or a normal transfer.

3rd party apps likes Zelle will generally not work. As always, YMMV

Thanks. I have what I call a "dead end" account (not linked to any of our other accounts). I could make the transfers from that.

 

[crazymomof4]

Sorry, I just re-read your question. If you're tranferring money from your retirement fund to your bank, you would change the designated bank where that transfers into. Personally, I would not risk that. They are very tight with security for those funds because they're so much larger amounts compared to regular banking.
That is not an account you want to keep changing linked accounts every few months. JMHO

Thanks. Yes, I agree, I wouldn't risk that.