How To Meet Direct Deposit Requirements For Bank Promotions

ADVERTISEMENT

Here’s a guide on how to meet the Direct Deposit requirements for opening bank accounts, for the purpose of earning bank bonuses and promotions.

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.

So, what then are your options? I’ll go over some 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.

Best Alternatives To Trigger A Direct Deposit For Bank Accounts:

**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 is no longer an option, so I’ve removed it from the list here.

   • 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. 

   • 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.

Meeting Direct Deposit Requirements For Specific Banks

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.

DD = Direct Deposit

ADVERTISEMENT

Helpful pages for Bank Promotions:

• Bank Promotions List
• Best Chase Bank Promotions
• Soft Vs. Hard Pull When Opening Bank Accounts
• Banks That Allow Credit Card Funding The Opening Deposit
• Banks With Lowest Foreign ATM Fees

READ MORE: See The Best Bank Promotions Here And The Best Investing Promotions Here