I am trying to set up a direct deposit, and it asks for the flat dollar amount. What does that mean?
I am trying to set up a direct deposit, and I need some clarification regarding the flat dollar amount requested. The setup process requires me to provide my routing number, account number, and the type of account, all of which I have ready. However, I am unsure what is meant by "flat dollar amount." Could someone please explain this to me? Thank you!
4 Answers
When you set up a direct deposit with a “flat dollar amount” it is the same amount every time. In this case they use the term “flat” because it you were to graph the amount deposited over time the graph would be flat, doesn’t change.
You didn’t give much information about what the situation is. If the deposit is from your pay as you indicated you might also be able to deposit a percentage instead of a flat amount.
Most 401(k)s are a percent of pay. For instance if you are depositing 20% and make $100 the deposit would be $20, if you make $200 it is $40 and so on.
The question may be there to offer you a choice between depositing a flat amount OR a percentage. If you are choosing to deposit a percentage ignore the question about the flat dollar amount.
Good Luck.
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