u/Mother_Dependent7572

My employer is getting acquired by a large bank who requires all of their employees to open a bank account with the acquiring bank in order to receive payroll direct deposit. If an employee wishes to not open a bank account with the acquiring bank, a paper payroll check will be mailed instead. There’s absolutely no work around to this which is complete BS and wrong for the employer to make this a requirement in order for employees to receive their direct deposit electronically. Because of this stupid requirement it will mess up my APY on my accounts with SOFI because direct deposit is a requirement to qualify for the higher APY. External ACH transfers nor P2P (Venmo, Zelle, etc) are qualified as direct deposits. Has anyone else experienced this issue? If so, what did you do to meet the direct deposit requirement to qualify for the higher APY? I’m wondering if I can submit some kind of letter to SOFI on bank letter head showing that this employer is making their employees open a bank account with their company in order to receive payroll direct deposit. Maybe a waiver can be granted or something.

To also add: The acquiring bank also allows an employee to split their direct deposit into 3 accounts; however, the three accounts must be company accounts, consisting of either the bank merger or acquiring bank.