[Hidden-tech] Direct deposit for entrepreneurs

[Michael Giles]

Marcia,

I bank at Florence Savings bank (a great local bank).  Though some of 
their signs tout having direct deposits as an easy way to get into the 
high interest program, it is not a requirement.  You can substitute one 
monthly automated bill payment for the direct deposit requirement (I did 
my electric bill).  Works great for me (they refund all ATM fees, too).

https://www.florencesavings.com/index.php?option=com_content&task=view&id=298

-Mike

Marcia Yudkin wrote:
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> I see that the idea of offering higher interest rates for people who have direct deposit of their paychecks (or Social Security checks) is spreading locally.
>
> Not having a paycheck, I feel left out of this trend.  And annoyed when I do business at the teller window and the teller tells me I really should be in the higher interest program.
>
> I am wondering if there is some kind of substitute that we business owners can set up that qualifies, where the banks are concerned.  For instance, does an electronic transfer of funds from another account quality as a direct deposit?  Or does it have to be a paycheck or government check?  Has anyone walked tried to negotiate an equivalent arrangement without a paycheck or Social Security check at one of these banks?
>
> Thanks for any hints.
>
> Marcia Yudkin
> Goshen
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