Personal Finance (Not Investing) • For avoiding monthly fees of checking accounts, does "auto withdrawal" to bank from vanguard count as direct deposit?

My checking account requires direct deposit of x per month to waive the monthly fee. I'm thinking about setting an "auto withdrawal" from vanguard to achieve this. (Vanguard Home > Transact > Automatic investments > Withdrawals)

Has anybody tried it and does it count as direct deposit?

Someone actually already compiled a super good mega list about this: https://www.doctorofcredit.com/knowledg ... t-deposits, but it's a little different in that (1) it's more about one-time manual deposit than auto withdrawal per month (2) it focuses more on triggering a sign up bonus than avoiding monthly fees

sitenote1: to make it a closed circle, I can even pair it with an auto-investment, e.g. auto-withdraw $500 on the 1st, then auto-invest $500 on the 10th, to/from the same bank.

sitenode2: direct depositing salary is a more common practice, but it's less predictable and less permanent. Maintaining a certain balance is also an option, but checking accounts have no interest while MMF has 5% now.

sitenote3: if you have experience to share, please also specify your bank - different banks can be different. Thanks!

Statistics: Posted by quuzuu — Fri Dec 29, 2023 11:55 am — Replies 4 — Views 259

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