Direct Deposit

It's called funneling. All the wealthy people do it.

 

You must have a account somewhere that is not connected to anything at all.

When you initiate a wire you are directing a bank to take funds from one account into the SWIFT Fed Wire system which goes to the next bank and account totally different and by itself pays your bills. Only. The rest should be in cash either on you or at home in a safe.

We used to have Navy Federal, and what I did was carry 6 accounts separately. When Navy banned moving money more than 600 per day (We were moving thousands some days, about 5000 or so) what we did is cascade wires next thing Navy knew is we moved 5000 daily. Poof. A total workaround. We finally closed them years ago when they imposed a minimum. I think one account is still suffering punitive fees in the thousands from them. But that's their problem. Zero balance and closed.

A wire on the Fed SWIFT system is absolutely accepted by the recieving bank. Just keep in mind that anything approaching 10,000 will trigger necessary forms and questioning as well as challenges against you as to why you are moving so much so fast. Be consistent.

DO NOT whatever you do keep all your money in electronic form. Make sure you determine one account just for autodrafting bills plus 500 ACH credit line against overdrafts and keep just enough in there for each month total billings. Everything else is in cash etc or like manner.

At all costs build savings. 9-11 was the ultimate problem for us in trucking, our payroll were destroyed and it took 6 weeks to replace and catch up the backpay. We had 6000 saved on 9-11 for trucking, 9000 more committed to a room storm damage replacement cash. 9-11 was a horrible day and really personal financially. But that truck and medicines kept rolling no matter what even if all of our banking was essentially destroyed on that day for a undetermined future that potentially might be months before we got paid again.

Ever since that day we work on getting out of debt. Everything is cash. Interest is meaningless.

 

At that point then I would have that seperate checking account to deny any draft beyond $0.00 with no credit line and refusal of any one presenting a charge against the account lower than $0.00 You might even prohibit auto drafts entirely and just have money coming in only.

IF anyone presents a charge clawback to your account then I think your bank will have to get in touch with you because one way or another you might have to make good the resulting negative balance within 60 days by some other cash source or have that account written off and your pernament credit marked black. Which will imperil your ability to open bank accounts.

The last thing you want to lose is all banking and have to purchase a parasite visa greendot card at walmart and constantly feed it losing fees handover fist.

 

You can set up sweep accounts to automatically sweep all funds over a designated amount in to another account. Originally it was designed to sweep to an investment account but banks now allow checking accounts to sweep to and from accounts based on designated levels. For instance it can sweep all amounts over $100.00 (Or any maximum balance you set) from account 1 to account 2 as well as sweep funds back to account 1 if that account gets too low based on the minimum you set.

 

i would rather have all my payroll directly deposited into MY personal bank account, NOT comdata or any other fee sucking entity your employer recommends.

in fact, my checks go into MY bank account, NO fee's...!!!!

and i carry an ATM/debit card....no worries.

 

But if you move all the funds from the first account and leave it empty wouldn't you get hit with overdraft fees if they decided to take something back out?

 

that's why you directly deposit it into YOUR personal bank account. the ONLY ones that can take it away, are the feds.....i know, SS over paid (my now late dad) and they went back into his account, and took out what they over paid him..

payroll checks cannot be with drawn from your personal bank accounts. but yea, comdata and the other fee sucking companies CAN and WILL with draw from you..good luck when your check bounces or your debit card denies you money.....

Employers can't take money out of an employee's pay to fix up a mistake oroverpayment. Instead, the employer and employee should discuss and agree on a repayment arrangement. If the employee agrees to repay the money, a written agreement has to be made and has to set out: the reason for the overpayment.

Welcome to the Fair Work Ombudsman website

 

I ask this because I've seen some of this in a few Carrier Broker Agreements lately that offered direct deposit. I refuse them because I obviously don't agree to anyone taking anything from my accounts. I have a feeling if they were to attempt a reversal your the bank would try to pass some overdraft fees if the account was empty.