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if you setup a recurring transfer from one bank to the next, i.e., Chase to TD Bank, is this regarded as a direct deposit?
January 9, 2018 02:15:15 PM
In reply to mimi, nyc
Thanks for your question, Mimi. We're always glad to clarify.
Direct deposits and electronic funds transfers are very similar however they have a few key differences.
Direct deposits at TD are sent by a depositor such as an employer, pension or the government. These funds are processed overnight at varying times and will be available for use once processing is complete. This date is determined by the depositor and typically takes two payment cycles to begin.
Electronic funds transfers are sent either between accounts you maintain or from institution to institution as needed on a recurring basis. These transfers you complete yourself with specified time frames you enter.
If you were referring to our recent checking account promotion, please keep in mind that an electronic funds transfer is not considered a qualifying deposit at this time.
If you have any questions specific to your TD account, we recommend reaching us 24/7 at 888-751-9000 or by visiting any TD Store. You can take a look at TD Stores in your neighborhood here: http://go.td.com/1f9DSJR.
We hope this clears things up, Mimi. Have a good afternoon.
Megan K, Mount Laurel
January 9, 2018 02:16:04 PM