Originally Posted by
pancakeman27
Just used this method to get the TD bank checking acct sign up bonus. So yes - it depends on the bank, but it's definitely worth the try. TD bank shows it as a direct deposit. SO I just had to do it once and received the bonus like 3 or 4 months later.
But there's hardly any GCs that can be loaded to venmo now - and only 4 every 6 months. So this is basically the only good thing Venmo can be used for now days and maybe 4k (8-500 Gcs) in spend sent between 2 accts every 6 months.
You are correct. Of course Venmo can direct deposit into a checking account. This is how they transfer money from them to you. However, one still needs to fund Venmo in order to do that transfer and I do not believe that you can direct deposit funds into Venmo. You can fund Venmo through a bank account (and they will debit the bank account if your Venmo account is less than the charge amount), but you cannot transfer money yourself from your bank account into VM. You can use a CC but there is a 3% charge for it.
This site may explain the funding process even better.
Given all the data breaches, I actually set up a separate bank account just for VM and have funded it minimally in order to limit my exposure if something goes boing in the night.