It ensures you have $1000 in the account that they can use for other purposes (make loans) at least for some period of time. Paying a $20 bill won't help them. Maybe if you paid $1000 in bills a month....sperry8 wrote:Of course. But I have active auto and renters insurance with them. How does direct deposit of one check make them money? Perhaps allow me to do bill pay instead. Seems absurd to block someone who does not get any checks (I'm under 65).michaeljc70 wrote:They want to block you because 2.5% cash back is a lot and they are only offering it to people that have an active checking account with them. They are a publicly traded company in it for a profit.sperry8 wrote:No, my father was in the military and that is how I qualified.SurferLife wrote:Are you a military retiree?sperry8 wrote:Great rate but the direct deposit requirement rules me out. Retirees don't get direct deposit. Why make such a requirement and rule out all retirees?
I do not get social security or pension. I retired before 65 and am not yet eligible. I have no way to get anything directly deposited. Not sure why USAA would want to block me (and others like me) from the ccdbr wrote:A retiree can receive direct deposit of Social Security, pension, and annuity payments and direct deposit of any automatic withdrawals arranged with an investment company. There are probably others. If you are currently receiving checks in the mail for such things direct deposit might be a good idea to prevent stolen or lost checks, issues with change of address, and so on.sperry8 wrote:Great rate but the direct deposit requirement rules me out. Retirees don't get direct deposit. Why make such a requirement and rule out all retirees?
In fact it is now ILLEGAL (?!?!) to continue to receive Federal benefits by paper check: https://fiscal.treasury.gov/godirect/
Note: "If you do not comply, the Treasury Department will contact you directly and may send you a Direct Express® card."
I have been in the same situation as I work freelance mostly and direct deposit isn't always an option. I guess if transferring from another account counts I could do that, but then you have to use the $$$ there or transfer it back. Obviously they are hoping you don't transfer $1k in on the 5th of the month and transfer it out on the 6th.