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Can Direct Deposit Be Done Without An Employer (ACH Yourself)? Navyfed

saver123
  |     |   13 posts since 2015

NavyFed's reward card is 1.5% without direct deposit or 1.75% with direct deposit. I'd like to be able to get the higher 1.75% but don't have any employer I can do direct deposit with, nor do I qualify for SS yet or anything else that does direct deposit.

When setting DD up at most places (Navy in particular, but also in general) do you have to give full and complete info of an employer/source, and their TIN number or such, or just a name that anyone could make up? Would they check?

I'm trying to figure out if it'd be possible to just have myself do automatic payments into NavyFed (or PenFed or other places) and have it count as direct deposit when I have no employer or government agency that will do DD for me. Could I put "Saver Inc" as the company name and just ACH myself from my personal account at another bank regularly, or would they know that it's just my personal account and not accept it? I've never once been eligible for DD so I don't know what's required or involved in it.

NavyFed made a mistake on my credit card and was paying me the 1.75% for DD customers, even tho I was only supposed to get 1.5% for years. Then I lost my wallet, they sent me a new card, and even tho they said nothing would change but the numbers, sure enough it went down to 1.5%. I can't complain because it was a mistake (in my favor) in the first place. But I'm just trying to think if there's some way to get that 1.75% when I have no employer that will do DD for me, and not on any government checks.

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Answers
Kaight
  |     |   1,192 posts since 2011
saver123

I well understand your desire to garner the full 1.75% so readily available to others. The scrutiny given to funds ACHed into your account each month varies with the FI offering (whatever) deal. Some take a close look. Others do not. Sorry I have no specific knowledge of the review process at NFCU. However:

The best approach here is simply to try. Just begin ACHing money in from an account you control external to Navy. It should not be necessary for you to falsify anything. Either those ACH transfers will work . . . or not. You will know soon enough, though it could take a month or two for everything to come together.

The above should be attempted first, because it is easiest and most straightforward. But if it does not work for you, next is to locate a (physical) bank which is an ACH originator. Not all banks are. You need to try for as local a bank as you can find, one without a national name. Set up an account there and try again with the monthly ACH funds movements into NFCU.  You might be asked/required to fill out a paper ACH funds transfer form each month.  So be it.  Sometimes when a smaller FI entity is used for ACH it does not trigger the same alarm bells at the receiving FI as would be the case when a larger, better known FI is doing the sending.

Good luck. You surely deserve the extra 0.25% and I hope you end up getting it, one way or another!
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MoneyMoves
  |     |   149 posts since 2019
Yes, what Kaight said, /\ /\ /\ above ...

And another thought, maybe someone knows for sure, and can weigh in. What about fund PayPal account, use option nickname SAVER, INC as you suggested or other title,
RISUDUALS & ROYALTIES .... just don't use VANDALAY INDUSTRIES ... LOL

Then DD to NFCU from PayPal. (Employers pay 1099-gig-workers that way; into PayPal.) Your SSN is the TIN. (Same as Treasury Direct, entity accounts, your SSN is the TIN)

It will work or it won't, as Kaight said.

At the end of the day, what is NFCU wanting? They want to grow their "relationship" with you via you regularly depositing into NFCU and then they reward that with the .25% extra.

Let us know how it goes!
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MY2CENTSWORTH
  |     |   436 posts since 2016
Hmm, fraud for .25%? Seriously!
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Marfa
  |     |   68 posts since 2022
A treasury direct account is easy to set up and if you link your navy federal account to it you can buy 4 week t bills regularly (low limits btw) . In my ally account they are coded as direct deposit
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MY2CENTSWORTH
  |     |   436 posts since 2016
ACH transfers are bank-to-bank transfers, whereas direct deposits are transfers directly into your account. I seriously doubt that there is a work around with the necessary paperwork, account numbers, routing numbers, etc. that would be required. Now that's not to say that some FI's don't treat ACH deposits the same a direct deposits and allow them to be counted toward bonuses, additional interest, etc. but most direct deposits originate from an employer, governmental agency, etc. Furthermore, there are many, many credit cards available that have better reward programs than 1.5%. I'd probably call NFCU and inquire about just making ACH transfers on a regular basis for an agreed upon amount and see if they might consider that a viable alternative. What's the worst they can say...no that won't count as a direct deposit?
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Ally6770
  |     |   4,290 posts since 2010
If all else fails ask them if they will do it. My rates on their CD's and IRA's were raised last summer when I asked them rather than move them. Sometimes yes and sometimes no.
Same with a local credit union on my savings account. They raised it for 3 months and I will ask them again if rates around are still higher.
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111
  |     |   672 posts since 2019
"Furthermore, there are many, many credit cards available that have better reward programs than 1.5%." Yep.

Examples of cashback cards - Alliant Cashback VISA 2.5% (some limitations), CitiDouble Cashback 2%, Fidelity VISA Signature 2% (must have Fidelity account, but no securities purchases or minimum balance required), Wells Fargo Active Cash Card 2%, plus several business cards.
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mariafalter
  |     |   167 posts since 2010
Also, I believe NFCU cards have a pretty high redemption minimum, which is an inconvenience. The Wells Fargo card has none.
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Ally6770
  |     |   4,290 posts since 2010
Neither does the CITI double cash credit card have minimum reward transfer. I put everything on mine except for the debits for my reward checking account, gifts and property taxes that charge a fee.
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mariafalter
  |     |   167 posts since 2010
I admit I’m a bit of a player when it comes to credit cards. Nothing too crazy, but I take advantage of the quarterly 5% cashback promotions (Chase, Discover). I also use Amex/Discover/Chase on Amazon, where using a few reward points can get you an extra 15-20% off. Sometimes I take advantage of 0% interest promos.
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milty
  |     |   1,672 posts since 2018
Take a look at Citi Custom. It gives 5% cash back on your main category for that month. I use it mainly for groceries.
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mariafalter
  |     |   167 posts since 2010
Right, thanks for the reminder . It’s a good card. These days it’s pharmacy expenses for me.
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Ally6770
  |     |   4,290 posts since 2010
If you have pay check, check with your employer. Mine would spit the deposit with up to 4 places. Same with my husband pension they would do 3 and also even take out state income tax.
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saver123
  |     |   13 posts since 2015
Thank you for the replies. I don't want to get additional credit cards. I guess there's no easy way to do it except to try it and see if they accept it. They either will or they won't. It'd be nice to get what they had been paying me (if only I hadn't lost my wallet) but it was an error in my favor so I can't complain. I switched most things to Navy's card when they gave me the higher rate, but now that it's back to the same 1.5% rate as my home-base credit union card, I might go back to them, as thru the years the local cu has always given me the benefit of the doubt in a dispute, while navy has been, shall we say, much less willing, in the rare times I had to do disputes.
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deymond
  |     |   3 posts since 2012
The good news is that it's often very easy to fake a direct deposit. The bad news is that NavyFed seems to be strict about that. There is a great website I can recommend about these things, doctorofcredit. But I would strongly advise you take the advice others have offered and look for a 2% credit card. Not only would you get higher rewards, but you could a $200 signup bonus (Citi and Wells Fargo) and potentially a 0% APR intro purchase rate (Wells Fargo).
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