U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics > Personal Finance
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
 
 
Old 11-29-2008, 04:51 PM
 
18 posts, read 205,312 times
Reputation: 21

Advertisements

Here is my situation, I'd like to set up a direct deposit to a relative to make payments for a loan payment that she took out for me (so much each week and the rest gets deposited into my checking account) . My question is how do we go about this? Will the standard direct deposit form that the company provides be enough with our seperate accounts?
Quick reply to this message

 
Old 11-29-2008, 06:21 PM
 
8,679 posts, read 7,220,797 times
Reputation: 6753
Depends on your bank. I bank with Bank of America and so do my three kids, who are in college. I can transfer money directly from my account to any of theirs and they have the money immediately. BOA charges a fee if you transfer money to non-BOA customers. It's not really "direct deposit," but the money is transferred immediately.

For my business, I have direct deposit. I think you'd be better off going with direct transfer than setting up actual direct deposit, because there are fees involved with direct deposit but not with transfer (at least with BOA).

EDIT - I misunderstood your question. You want it to come directly from your paycheck? I'm not sure that will work to direct deposit some of your pay to someone else. I know you can divide direct deposit between your OWN accounts (checking, savings, etc.) but I don't really know if you can designate it to go to someone else's account...
Quick reply to this message
 
Old 11-30-2008, 08:38 AM
 
21,578 posts, read 36,422,679 times
Reputation: 10590
Any financial institution with access to an "ACH gateway" (and that would be pretty much all...) can technically make and receive electronic wire transfers. Some do it free for customers, others have deposit requirements and/or set fees. Anything more than the price of a stamp and I would try and find another bank!

The more important question is why do want to do this? I mean it sounds like it is just convenience -- it is not like your relative is going to give you some kind of reduced interest rate or something.

Just write her a check. Heck you could write her a whole stack of checks with some future dates matching your pay days, and instruct her to deposit them at the appropriate time.

Wouldn't that be just as useful?
Quick reply to this message
 
Old 11-30-2008, 10:01 AM
 
Location: Somewhere in northern Alabama
11,659 posts, read 26,758,670 times
Reputation: 14313
Simply set up a recurring payment in an online account.
Quick reply to this message
 
Old 11-30-2008, 12:26 PM
 
Location: Apple Valley Calif
7,376 posts, read 11,783,586 times
Reputation: 4974
I have used the methods mentioned above. In addition, I have an out of state rental home, and I simplied them with a book of deposit slips which they use to direct deposit the rent each month.
Now you have several different methods to use...
On re-reading, I looks like I, too misunderstood. You want some of your paycheck to go to your bank account, and some to go to the direct deposit account.
My employer did direct deposit, part went to my bank account, part went to my Credit Union Savings... It can be done if your company will do the work, check with them....
Quick reply to this message
 
Old 11-30-2008, 04:28 PM
 
Location: We_tside PNW / CO / SA TX / Thailand
11,162 posts, read 18,539,692 times
Reputation: 8020
tough to do to separate accts, with separate owners.

I would do the direct deposit to your acct and an ACH (re-occuring e-transfer) from your account to pay loan. I like to set up my rental and commercial lease properties this way so when we are traveling it gets taken care of. Writing checks is your most beneficial way, as your relative may be slow in cashing them, but... it is more of a hassle or each, so... if you have the money available, just make it easy, and set up the ACH transfer. Doing this multiple times in a month may be a problem with the bank, but hopefully not.
Quick reply to this message
 
Old 12-01-2008, 06:08 PM
 
339 posts, read 918,688 times
Reputation: 237
My mother had this type of thing set up when I was younger and into my college years. Every time she was paid, X amount went into her own account and Y amount went into my account. When this arrangement was first started, both accounts were at the same bank but after she moved to a different state (but same employer) the accounts were at different banks. My understanding is that she always set this up through her work and there were no extra fees involved. Of course this was a long time ago so things could be different now, but I would check first with the human resources department of your work if there is one.
Quick reply to this message
 
Old 12-18-2008, 10:03 AM
 
18 posts, read 205,312 times
Reputation: 21
Quote:
Originally Posted by jaindow View Post
My mother had this type of thing set up when I was younger and into my college years. Every time she was paid, X amount went into her own account and Y amount went into my account. When this arrangement was first started, both accounts were at the same bank but after she moved to a different state (but same employer) the accounts were at different banks. My understanding is that she always set this up through her work and there were no extra fees involved. Of course this was a long time ago so things could be different now, but I would check first with the human resources department of your work if there is one.

this is pretty much my predictiment. I now live in another state and have a limited access checking out where I can't write out physical checks (all new account holders at my bank go through this probationary period and opened the account when I moved here earlier this year). I'll check with my HR to see if they can set this up. Thank you
Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


 
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:
Over $84,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics > Personal Finance
Similar Threads

All times are GMT -6.

2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top