Direct deposit using paypal

[lalaland42]

DH has a very old bank account at BoA and recently they started charging for their "free account" if you don't have direct deposit. We don't have direct deposit right now because we are out of the country. DH would like to keep the account but I really don't want to pay $6 a month to do so.

The helpful people at BoA suggested we use paypal to make direct deposits of $.01 to the BoA account every month but I don't see a way to do that through Paypal's website.

Does anyone know how to set this up?

[inkedmamajama]

the best thing to do is to call and talk to a paypal rep directly-they can get so confusing with their different policies and what not that its best to call and get the right way to do it the first time, imo

[1growingsprout]

Im not sure .01 cents is enough to qualify as direct deposit for BoA. While technically it may be coming over as a money transfer I think in the 'fine print' they have a minimum. Its been a while since I've had to deal BoA and they are forever changing things.

Is there any particular reason you want to or need to keep this account? Personally *I* cant stand BoA and would do anything to keep from doing business with them.

[lalaland42]

Yeah, I guess I'll have to call paypal. Oh well.

*I* don't want to keep the BoA account, DH does. I think BoA is evil reincarnated. It is his account so I told him I would take care of the direct deposit.

[Noelle C.]

Oh god not Paypal. Unless they've very recently changed it, then you have to have a seller account and pay a fee for money to be "pushed" into your account automatically. Paypal isn't a bank. They are a payment processing service.

A direct deposit is a regular deposit of funds electronically.

To avoid fees, you would need to transfer money from your bank account to Paypal, which can realistically take a full five days. Then you initiate the direct deposit back to your bank. You'll be spending several days on this every month.

I highly doubt Paypal has changed their policies to have an automated service like this for free. All they've done in the 10 years I've had to use them is up the fees.