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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 term of over 30 days. Most PAYDAY loan companies merely provide terms between 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.
HI Zach,
A Demand Deposit Account or DDA is an account from which one can withdraw money anytime. It is also referred to as the checking account. The advantage is that money could be withdrawn either in cash or through check. Some of the benefits of DDA are that it is extremely flexible, it has a variable interest rate, transaction fees or charges are not required and finally money could be accessed at any time.
This sounds like a good type of account. Can anyone set one up and what are the advantages over getting this type of an account instead of a free checking account through a regular bank? Up until now I have never heard the term DDA.