I get a Social Security Disability Check each month, direct deposited to the credit union I've been using for several years. I believe they won't charge me a monthly checking fee if I cancel direct deposit.
Is it a bad idea to say every 3 months or so open up a new checking account to get $200-300 sign up bonus, contacting social security each time to change the direct deposit account? Thinking this might upset Social Security somehow, or I might run into a problem where I don't get a check one month due to some sort of issue. (Although, I have enough emergency savings it wouldn't hurt me if a check was delayed a month.)
I am concerned I won't be able to do direct deposit from my self employment business and have it count for the churned checking accounts. Would be great if I could. I make around $600-$750 per month with self employment and could do a regularly scheduled deposit. I wonder how the banks know if the money is coming from an employer or personal account? Do I need to setup a business checking account or something? Right now I have a separate checkign account within my personal set of accounts and it hasn't been a problem thus far for my business.
