Some workplaces can split your direct deposit from payroll into multiple accounts. _If_ you can hit the deposit limits that way. The bank doesn't need to know it is not your entire salary.
Huh? Employers pay employees via direct deposit in many (most?) cases. This isn’t any different… Either way it’s money moving from one bank account to another digitally.
This is why I use separate accounts for different things. Bill pay is a separate account. Direct deposit is a separate account. I have an account I _only_ use for writing paper checks (rare these days).
It's a pain in the ass, but a long time ago an employer errantly clawed back a full month of payroll direct deposits from me instead of another employee. The bank couldn't/wouldn't help, and the company's payroll was handled by a third party who was not helpful at all.
No, actually is more complex: banks may share data so the amount moved can include several transactions, across several banks and time. I triggered the system once, just for moving my own salary to another bank and then to another account in the second bank.
To be safe, the employee must give the bank a proof of be hired: contract with amount, certificate of salary, proofs of service selled (it depends). Asking the bank before the first payment can help too.
In summary: it's perfectly fine to receive sums greater that $10000, but the employee have to justify it, and the company must provide documentation.
Most places auto-deposit into a financial account of your choice if you like. Payroll has some historical legislative accidents tied to it, so it's a little slow to change.
Real question, where are my direct deposit “paychecks” suppose to go besides a retail bank? Once they have the money sitting in accounts they might as well lend it or something.
Yes, just keep enough in Bank A to cover the bills, and any extra gets sent to Bank B, which account number is never given to anyone (other than Bank A).
Because that's not how modern banking works. This isn't George Bailey lending out deposits; retail banks don't use deposited money at all it just kind of disappears.
> Im not sure that would even count towards deposited every month, they might want to see a direct debit that is actually a salary. I'm not sure.
For what it's worth, here in Australia they have similar offers. At one bank, I said I wasn't interested because of the regular 'salary' deposit requirement, and that bank offered to set me up with two accounts and a regular automated transfer between them to meet the minimum monthly deposit requirement. Though honestly, the fact they offered to do that concerned me even more.
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