Comments on: Direct Deposit Advance Loans – Aren’t They Payday Loans?

By: Lee

Lee — Fri, 13 Nov 2009 19:37:08 +0000

Dont do these direct deposit advances! I was with Wells Fargo, and we had to keep getting one every payday just to have money when i got laid off. Well…now its been like 6 months and we couldnt keep it up. So now we owe them 1000$ and growing yet we’re still in the same situation. We changed to another bank just in time and switched the direct deposit, but come taxes-we’ll owe them our refund. Great! Case and point, it will help for a while, but if u truly need it, i would suggest keeping it to 100$ or less to prevent HUGE fees and what happened to us. We got screwed and its our own fault, not theirs. Don’t be next!

By: Kristy

Kristy — Fri, 09 Oct 2009 15:27:18 +0000

I must say, your post lives up to your myspace page.

By: Zach T. Plenty

Zach T. Plenty — Fri, 09 Oct 2009 15:04:06 +0000

***WARNING***CAUTION***
TAKE HEED AND LISTEN TO
THE TRUTH THAT LIES WITHIN!
***WARNING***CAUTION***

Before becoming eligible for a DDA,
US Bank forces all customers to wait 6 months after opening the checking account.
Wells Fargo is quite lenient in comparison; DDA is available 2 months after opening the account.

By: Zach T. Plenty

Zach T. Plenty — Thu, 24 Sep 2009 05:29:45 +0000

I split my direct deposit 50/50 between Wells Fargo and US Bank. This way, I have more than the $500 DDA limit available – at any given time.

By using both banks, I have more than 1 full paycheck of NET PAY in DDA available at any given time.

The DDA is less expensive than a PAYDAY LOAN and most banks are willing to provide a repayment term of over 30 days. Most PAYDAY loan companies provide terms of 14-18 days.

Most banks will let their customers work with the collections department and create easy payment options in order to keep the account open and active.