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Author Topic: Direct Deposit  (Read 3356 times)

Offline amrowe

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Direct Deposit
« on: February 21, 2014, 11:39:17 AM »
I'm surprised that PC requires direct deposit. How did all of you do your direct deposit? I'm afraid to link it with my bank of america account because I don't want to have to pay fees every time I take out money.

Offline the boss

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Re: Direct Deposit
« Reply #1 on: February 21, 2014, 12:28:47 PM »
Are you talking about direct deposit of your monthly stipend while you are serving?  For that money, they will also set up an account for you with a local bank and that is where the direct deposit will go.  You will be paid in the local currency.  You will have an ATM card for that local bank.  That is the way it was for us and that was within the last year or two so probably that is still the same.

If you are talking about the readjustment allowance you get at the Close of Service that is direct deposited into your American bank. 


Offline amrowe

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Re: Direct Deposit
« Reply #2 on: February 21, 2014, 12:32:28 PM »
It asks for my routing and account number- for monthly disbursements of payment. It would be great if they set up a local account, but that's not what it seems like they are doing. Also if it is different depending on the country- I am going to Ethiopia.

Offline Jeff

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Re: Direct Deposit
« Reply #3 on: February 21, 2014, 01:13:10 PM »
What the boss said - they are using that for your readjustment allowance and/or cash-in-lieu, not your living allowance.  As part of PST and site visit we had to go set up our accounts and PC gave us our initial deposit - everything else was direct deposit in country.

If you set up a portion of your monthly readjustment allowance to be disbursed to you under one of the allowable reasons (such as paying back loans), then that might be a monthly reason for DD, but it definitely is not your living allowance (also because it's paid in local currency, not US dollars).

Jeff
RPCV - Ghana, 03-05
PCV - Macedonia, 15-17

Offline amrowe

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Re: Direct Deposit
« Reply #4 on: February 21, 2014, 04:04:55 PM »
Sorry, you guys are right- I just read it more carefully. Lesson learned- read all of these massive amounts of information slowly and carefully.

Offline wreloise

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Re: Direct Deposit
« Reply #5 on: February 24, 2014, 12:45:39 PM »
I will continue to read the information over and over again. :)
Eloise-Born to Serve

Offline RetiredFed

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Re: Direct Deposit
« Reply #6 on: March 16, 2014, 12:10:18 PM »
I discovered that Schwab checking account comes with a no-fee ATM card valid anywhere in the world.  I used mine on a recent trip through Spain and Germany - no fees.  I recommend it.

Offline shawn

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Re: Direct Deposit
« Reply #7 on: March 16, 2014, 07:56:01 PM »
RetiredFed has the right idea. Look at easy and cheap ways to pull money out if you need to from your American account. Visa is probably the most international accepted card in the world, but most banks (sometimes on both ends) will charge a fee or percentage.

Also, look to see if your bank is partnered with a bank in your host country. This is uncommon, but sometimes it happens OR your American bank may be partnered with a European bank that is partnered with a local bank (HSBC and Standard do this on occasion I believe). They sometimes then let you access your American bank account with no fees from a branch.
PCVL - Rwanda 2010-2013
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