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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?
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...
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.
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....
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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.
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.
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
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