Many banks consider pp as non-DD ACH and they print the names on the statement sheets, (Direct Deposit must be a payment not a transfer, even though both payment and transfer may use the ACH method)
Fidelity Money Line transfer to BoA is posted as:
Transaction Description:
FID BKG SVC LLC DES:MONEYLINE ID:Xxxxxxxxx XXXXX
INDN:FIRSTNAME M LASTNAME CO ID:XXXXXXXXXX PPD REF:XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
Note PPD in the 2nd line. Also, note the definition of PPD below. I am assuming BoA accepts such ACH transactions as qualified Direct Deposits even if they are not Direct Deposits by definition (see below). BoA possibly looks only for code PPD:
PPD - Prearranged Payment and Deposit Entry
So to answer your question it all depends if you are transacting with your name or if you, they could flag it. The RDFI however may reject the ACH transaction and return it to the ODFI with the appropriate reason, but different securities softwares now in place banks have step up there systems to avoid fines and other.
I would just suggest to use as close to your name a possible, or get a business account which is the best thing to do.
Cheers,
From experience in Finance and Banking for over 15 years.
|